If the past trends of Bitcoin are to be considered, then Bitcoin easily trending upwards and is due for the $32.8k mark in the market. The crypto market is undoubtedly suffering from the bear market, as many altcoins have been affected, including the unprecedented tanking of the UST stable coin associated with Terra (LUNA).
Cointelegraph Market Pro and trading view data show that BTC/USD reached $30,189 on Bitstamp before moving down below the $30,000 mark. $30,189 is the highest figure Bitcoin has reached since the start of the bear market in April.
While these movements may look like something insignificant at first, Bitcoin, in a short timeframe, has now become of significant interest to a lot of analysts in the cryptocurrency ecosystem, and the next price is predicted to be at $33,000.
Bitcoin is easily the most valuable coin in the market; interestingly, its price point is actually affecting that of other altcoins.
Cointelegraph contributor Michaël van de Poppe stated on his Twitter page that “Bitcoin broke through $29.4K and ran towards the next resistance zone,” he told Twitter followers. He then predicted: “If we hold $29.4K, we’ll be good towards $32.8K. Finally.”
However, the Terra collapse has caused the bear market to have a massive emotional, and negative, effect on investors. Some people have decided to keep their money in UST because it’s a stable coin to minimize their loss, while others have panicked.
However, a lot of crypto enthusiasts are developing cold feet on the rebounding Bitcoin action in the market.
Looking at analysis from CryptoQuant, an on-chain analytic platform, shows there is quite a bit of worry to be had. CryptoQuant’s analysis comes from the network transaction value (NVT) Golden Cross metric, which suggests that we are in for a retracement soon.
The NVT Golden Cross is made in a way to catch local tops and bottoms and an increase in the NVT Golden Cross, as was happening on the day, has further cemented the idea that the volume currently seen is not enough to maintain BTC’s current upward trajectory.
Featured Image: DepositPhotos @slavkosereda
