Bitcoin Analyst Says Coin Overvalued: Why Is This BTC Chart Super Bullish?
01 Julho 2024 - 7:00PM
NEWSBTC
Bitcoin is trending higher at spot rates, breaching $63,000 on June
30 before recoiling. Even though momentum is building, the action
of the coin’s price is a source of debate. Still, some are
doubtful, thinking there is reason for a possible overvaluation.
Analyst: Bitcoin Is Overvalued, Here’s Why In a post on X, one
analyst argues that the coin may likely cool off, extending the 18%
drop registered in June. To conclude this, the analyst said the
preview factored in several parameters, including time, the number
of active Bitcoin addresses, and hash rate. Through this model, the
analyst said there was reason to doubt the uptrend, dampening the
spirits of optimistic holders expecting bulls to push on. As of
writing, Bitcoin is back in the multi-week range with caps at
all-time highs and support at $56,800 registered in May. Related
Reading: Ethereum Goes Budget-Friendly: Transaction Fees Drop To
Lowest Since 2016 From price action, it is clear that buyers are in
charge, at least from a top-down preview. Despite the lower lows,
especially in May when prices breached $60,000, bulls have a chance
from a top-down preview. Notably, prices are inside a bull flag
after gains in Q1 2024. However, buyers’ failure to confirm gains
in mid-March is slowing down the uptrend. Buyers have failed to
breach $74,000 from the daily chart, and $72,000 is a strong
liquidation line. In the short term, the trend could shift if
prices break out decisively above $66,000, preferably at the back
of rising trading volume. Germany
Selling As BTC Gains Versus M1 Money Supply In The United States
Further fueling concerns is the recent dump by the German
government. On July 1, they transferred 1,500 BTC, worth over $94
million. Lookonchain data shows 400 BTC were sent to three
exchanges, including Bitstamp. Though it is not immediately clear
if they sold, sending them to exchange means they are keen on
offloading them–a net bearish. The address associated with the
German government currently holds over 44,000 BTC worth more than
$2.5 billion at spot rates. Even amid these concerns, others are
bullish on BTC. Citing the relationship between the United States
M1 money supply and BTC prices, one analyst said the coin is
priming for major gains. Looking at the chart, the analyst argues
that Bitcoin has not reached a new all-time high relative to the
United States M1 money supply in over six years. Related Reading:
Avalanche (AVAX) Price Rallies: Can It Break Through the $30
Barrier? However, considering the steady surge in BTC prices since
mid-2023, it is highly likely that bulls will take over, pushing
the coin to fresh all-time highs. Feature image from DALLE, chart
from TradingView
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