Bitcoin Remain Uncertain, Here Is What On-Chain Data Claims
The star cryptocurrency, Bitcoin has stunned the crypto space with its spectacular performance since the beginning of 2023. This morning, the King currency had also surpassed the $21,000 area before making a slight drop. Interestingly, Bitcoin has hit 52 in terms of Fear & Greed Index (FGI) during the weekend.
At the time of writing, Bitcoin is selling at $20,841 with a rise of 0.37% over the last 24hrs.
Even though the flagship currency is holding on to its trade above $20K, there are possibilities for minor downfall in the view of investors profit booking. One of the main reasons for Bitcoin’s price jump in the last few days in the Bollinger Bands Squeeze breakout. On the contrary, RSI is suggesting a slight pullback as Bitcoin is in an overbought area after hitting 90 score.
However, as 20-EMA has overtaken 50-EMA there is an indication of a positive price trend.
Bitcoin On Its Next Cycle
Meanwhile, analysts like Michael van de Poppe & Credible are portraying a bullish stance towards Bitcoin. Van de Poppe is of the opinion that before a surge Bitcoin will slightly face a pull back. Credible claims that Bitcoin is already in a 5th wave of Elliott Wave.
Another analyst, Peter Brandt claims Bitcoin to hit $65k by mid of 2023. However, he also says that before BTC captures this level, the currency will drop near $18K.
On the other hand, Glassnode, an on-chain data platform believes that even though analysts are not sure of BTC’s performance, the flagship currency is moving in-line with its historical pattern. This suggests that the Bitcoin bottom has occurred and the next cycle has begun. Hence, investors and traders need to closely observe and research well before making their next move.