Bitcoin price rise or fall?Here's what market participants expect

On On August 15, Bitcoin price hit $25,000 before falling into the $24,000 range. Since then, the flagship currency has faced a “pendulum” price action. While market participants remain hopeful for an uptrend, prices are currently in a volatile state.

Previously, Bitcoin critic Peter Schiff had predicted an imminent collapse of the flagship currency as he believed a bearish market would drag BTC down to the $10,000 level.

Currently, Bitcoin is selling for $23,711, up 1.62% over the past 24 hours.

Investors and traders remain hopeful for a bull run despite Bitcoin prices facing a downtrend. According to Chartoday, an analyst at CryptoQuant, bullish signs for the asset appear to be active.

He predicted that as the macroeconomic situation continues, the Bitcoin price may initially drop by around $26,000, but will then surge significantly to $32,000.

Bitcoin’s active supply hits ATH

If you consider the current price action, it is very likely that Bitcoin will indeed Its active supply broke the $25,000 mark.

Recent reports from Glassnode show that Bitcoin’s active supply has reached an all-time high (ATH) of 24.298% over the past five years. This action could be the fuel for Bitcoin’s price surge.

On the other hand, RSI is dampening investor sentiment. Currently, the Relative Strength Index (RSI) does not show significant buyer control as it is now at 46.34.

Meanwhile, the Moving Average Convergence Divergence (MACD) associated with RSI is lower than expected action. This suggests that selling pressure has outstripped buyers’ control.

In short, under these conflicting signs, Bitcoin’s price action may remain at $23,000 in the short term – Between $25,000.

Was this article helpful?