What is going to happen to the bitcoin price in the next few days? Where is the key level and which metrics are proving the growth?
Bitcoin will go up to $12,000 within the next few days
Decentrader hub analysts think. They note that the four-hour chart shows the bullish divergence on the volume indicator that predicts the forthcoming turn of the price upwards.
According to the traders, the price will be within the range of $11,300–11,500 within the next few days, after which it will go to the trend line in the zone of $12,000–12,100. The analysts think it will already happen by the beginning of September.
The key level is $11,500, the strengthening of the price above that will allow for the further growth. The support line is the level of $9,600 where the unclosed price gap of the CME exchange is along with the 20-week moving average.
The medium-term target for buyers is the range of $13,000–14,000 — the year’s pivot level is there as well as the 61,8% Fibonacci correction level.
Opinion: the BTC exchange rate will go up to $16,000 or fall to $10,500
Byzantine General analyst also notices the exceptional importance of the $11,500 point.
If this week’s bar closes above the level, the target will be $16,000. The trader thinks that otherwise the price risks going down up to $10,500. The next strong support is the point of $9,600 where the abovementioned CME exchange gap is.
Byzantine General adds that there is no large difference whether to buy bitcoin at $11,000, $10,000 or $9,000 if you are going to keep the coins for as long as at least several years.
Glassnode: metrics say that the bitcoin price will go up
The stablecoin supply ratio (SSR) shows the high stablecoin purchasing power as compared to bitcoin.
Specialists from the Glassnode analytical service point out that it shows the potential for strengthening of the price of the first cryptocurrency. At the moment, the metric shows thrice as big figures as the last year’s ones when the BTC price was at similar levels.
Expert add that at the same time the USDT balance got up by 50%, which also proves that bitcoin price is going to rise up.