Assessing the probability of bitcoin hitting $32,000 in the near future

• A recent analysis revealed the possibility that the price of BTC could reach $32,000.
• However, on-chain metrics suggest that BTC’s chart can go in any direction.

Bitcoin [BTC] continues to push its price higher and recently even surpassed the $27,000 mark. At press time, BTC rose 4.5% and traded at $27,331.13 with a market cap of $528 billion.

Thanks to the uptrend, winning transactions have more than doubled compared to losing transactions on the BTC network since Wednesday.

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🤑 As #Bitcoin jumps above $27,000 for the first time since June 12, there are 2.4 times as many winning transactions as losing transactions on the $BTC network since Wednesday. Markets are very polarized as #FOMO and fears fall both occurring at the same time. https://t.co/riPv1JYnfg pic.twitter.com/AsZ3485KDR

— Santiment (@santimentfeed) March 17, 2023

To read Bitcoins [BTC] price prediction 2023-24

Bitcoin can reach new highs

BTC enjoyed its bull rally and a recent one analysis published on CryptoQuant revealed that the rally could continue. Ankaramurka, a writer and analyst at CryptoQuant, mentioned that looking at Bitcoin using the Elliott Waves analysis technique suggests that Bitcoin still has great potential to rise in price.

Not only that, the price surge could continue until BTC touches the resistance level in the $29,200 – $32,300 price range, which seems ambitious. Interestingly, while the number may seem high to many, some on-chain metrics supported the possibility of a surge.

For example, BitcoinThe MVRV ratio of had increased significantly, which was a bullish signal. Negative sentiment surrounding BTC also seemed to have receded. BTC’s daily active addresses have increased recently.

Source: Santiment

A greedy market?

It was interesting to note that Bitcoin’s Fear and Greed Index had a score of 64 at press time. This indicated bullish momentum and hinted at further uptrend in the coming days.

Source: Alternative.me

Not only that, but a crypto analyst known as Stockmoney Lizards pointed out similarities between BTC’s current price action and 2019 on Twitter.

2019, BitcoinThe price of saw a massive surge of over 150% when its chart was similar to today’s. Therefore, the possibility of BTC touching a resistance level around $32,000 seemed likely.

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#Bitcoin

This bull run just is unstoppable pic.twitter.com/7O3tNPT1bx

— Stockmoney Lizards (@StockmoneyL) March 18, 2023

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Here’s the catch

While the above developments result in a strong bullish view, things may be slightly different on the ground. BQYoutube, analyst and author at CryptoQuant, revealed in a analysis The BitcoinFX inflow from increased which was a bearish sign.

As exchange inflow skyrocketed, so did the supply of BTC on exchanges. This indicated an increase in selling pressure, which could result in a halt to the BTC bull rally.

Additionally, BTC’s Relative Strength Index (RSI) was in one overbought position, further increasing the likelihood of higher selling pressure in the coming days.

Source: CryptoQuant

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