Where the Bitcoin Rate Is Heading? Analysts’ Opinion
Bitcoin price is approaching $ 40k as on-chain and technical analysis favor bulls.
Bitcoin price broke through to the $ 39,252 threshold on June 13, but is still far from its all-time high. And many analysts have doubts about the further growth of the crypto asset.
Market analysis by Delphi Digital revealed a pattern that could indicate a possible drop in BTC below $ 30,000. But things may change.
The latest BTC rate calibrations will not come as a surprise to long-term holders. As you can see in the chart, a drawdown of 70% or more is not uncommon for BTC, especially after a significant price increase. Obviously, the bulls are continuing their battle with the bears, but now in the $ 30,000 range.
The rapid fall in the exchange rate forced new and old bitcoin holders to leave the market. As a result, traders were selling at a loss in accordance with the SOPR (Spent Output Profit Ratio) data released by cryptocurrency analyst filbfilb.
But over the past couple of days, average wallets have started selling at a profit again, as evidenced by the decline in SOPR.
The Crypto Fear and Greed Index (CFGI) also hit its lowest level since the March 2020 sell-off.
Most traders, out of fear of losses, simply decided to stay on the sidelines. But for the bolder investors, low index scores are a signal to start buying.
Although Bitcoin’s price has dropped more than $ 30,000 in the past two months, its current price is nearly double its previous all-time high set in 2017.
On-chain analysis from Decen Trader shows that BTC may soon be ready to turn around and move up.
The Sentiment Indicator for Active Addresses compares the 28-day change in price, shown by the orange line, to the 28-day change in active addresses in the chain, which is represented by the strip of gray lines.
Bullish market mood is indicated by an orange line moving from the bottom of the dotted green line back up into the active address change band. The last time it happened was on June 10, which indicates the possibility of a reversal in the market.
Bitcoin is still on track to hit a new all-time high, according to Rekt Capital, a popular Twitter analyst.