Bitcoin ‘finally’ due for $32.8K as long-term BTC price metric flashes overvalued


Bitcoin (BTC) recently returned to $ 30,000 ahead of the May 25 opening on Wall Street, when the range continues.

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BTC / USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Trader: BTC should challenge 2-week highs

Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD managed to hit $ 30,189 on Bitstamp before consolidating back below the $ 30,000.

While seemingly uninspired at first glance, Bitcoin in low time frames has been a source of recent interest for Cointelegraph collaborator Michaël van de Poppe, who predicted a run to near $ 33,000 later.

“Bitcoin broke through $ 29.4K and ran to the next resistance zone,” he said told Twitter followers.

“If we keep $ 29.4K, we will be good for $ 32.8K. Fine. ”

$ 32,800 would represent Bitcoin’s highest since May 9 – just before the Terra implosion triggered its cascade to a ten-month low.

Same trader Nebraskan Gooner meanwhile looked at a series of higher lows on the 4-hour chart, highlighting $ 30,400 as “the line to win”.

Metric suggestions BTC price “overestimated”

Beyond intraday price action, however, a cold feat among many analysts remained.

Related: Biggest hardship since July 2021 – 5 things to know in Bitcoin this week

For an on-line analytics platform CryptoQuant, as to signs of the net transaction value (NVT) Gold Cross metric suggested that a scam was coming.

Designed to capture local tops and bottoms, a spike in NVT Golden Cross, as happened on the day, reinforced the idea that volume was not enough to continue an upward trajectory.

“We have a major change in the NVT Golden Cross indicator, where it reached its highest position since April last year before falling to the June low,” CryptoQuant contributing analyst Crypto Mevsimi told Cointelegraph.

As reported by Cointelegraph, forecasts for a generational fund in BTC / USD included up to $ 15,500 this week.

A new all-time high, meanwhile, may have to wait until 2024, when the next Bitcoin half-cycle begins.

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NVT Gold Cross Bitcoin Chart. Source: CryptoQuant

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