Back and forth – that was the dynamic of Bitcoin [BTC] since it reached $25,000 on August 15th. While investors may have been hoping for another surge higher, it was not the case for BTC to consolidate around the $23,800 support level.
Previously, there had been talks of BTC showing bearish momentum when these projections emerged from unsurprising corners.
Economist and extrovert Bitcoin revolter Peter Schiff explained that the number one cryptocurrency is on its way to ruin. According to him, bearish momentum would take BTC to $10,000.
According to CoinMarketCap, BTC keep to $24,000 down 0.25% in the last 24 hours.
The crypto king also saw an increase of less than 1% over the past seven days.
To put the #Bitcoin rally in perspective, take a look at this chart. The pattern remains very bearish. There is both a double top and a head and shoulders top. An ascending wedge forms below the neckline. As a minimum, support below USD 10,000 is tested. Look out below! pic.twitter.com/OHNhwsgxxs
— Peter Schiff (@PeterSchiff) August 14, 2022
Turn the tables
Interestingly, BTC’s price drop has not dashed investors’ hopes as bear trader opinions have taken a turn. Chartoday, a top analyst at CryptoQuant, revealed that BTC bullish signs are still very active.
Based on analysis published via the CryptoQuant website, the current macroeconomic conditions could take BTC to $26,000 in the near term.
Although there has been lower demand and negative funding, Chartoday predicts that this will not necessarily result in a drop in BTC price.
Furthermore, he believes that the price could reach as high as $32,000 in the medium term.
But does the current momentum align with the buy signals mentioned by the analyst?
deciphering the possibilities
The odds of surpassing $25,000 in the near term could be positive.
According to latest glass node Data shows that BTC active supply has just hit an all-time high (ATH) of 24.298% over the past five years. This recent milestone could be crucial for the CryptoQaunt projection and a possible price increase.
Source: Glassnode
However, the current BTC momentum on the charts reflects that the price upside opportunities may not be as rapid as investors are hoping. At press time, the Relative Strength Index (RSI) is showing no significant buyer control as it sits at 46.34.
The Moving Average Convergence Divergence (MACD) also synchronized with the RSI move as momentum stayed below the histogram. This stance signaled that seller pressure had overwhelmed buyer control.
Likewise, buying momentum (blue) was below that of sellers (orange).
Source: TradingView
Given these opposing views, a possible short-term hold for BTC could be between $23,000 and $25,000 and a possible neutral position.
However, this does not negate Chartoday’s perspective, especially since the Bollinger Bands (BB) are showing no signs of extremely high volatility.
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