Bitcoin ‘Finally’ Due At $32.8K As Long-Term BTC Price Stats Overvalued

Bitcoin (BTC) briefly returned to $30,000 before the opening of Wall Street on May 25, as the range stalled.

Trader: BTC Needs to Challenge the 2 Week Highs

Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD managed to gain $30,189 on Bitstamp before consolidating again below $30,000.

While Bitcoin didn’t seem very inspiring at first glance, Bitcoin on low timeframes has been a source of new interest for CoinTelegraph contributor Michaël van de Poppe, who predicted a run to nearly $33,000 thereafter.

Bitcoin broke through $29.4K and raced into the next resistance zone, he said told Twitter followers.

“If we keep $29.4K, we’re good towards $32.8K. And last but not least.”

$32,800 would be Bitcoin’s high since May 9 – just before the Terra implosion started its cascade to its 10-month low.

Fellow trader Nebraskan Gooner, meanwhile, saw a series of higher lows on the 4-hour chart, with $30,400 highlighted as “the line to beat.”

#Bitcoin

Very interesting..

$30.4k the line to beat now. pic.twitter.com/8T7Iw1b62q

— Nebraskangooner (@Nebraskangooner) May 24, 2022

Metric Hints BTC Price “Overvalued”

In addition to the intraday price action, however, there remained a breeze for many analysts.

Related: Biggest Difficulty Drop Since July 2021 – 5 Things to Know in Bitcoin This Week

For on-chain analytics platform CryptoQuant, regarding network transaction value (NA) signs, Golden Cross metric suggested a retracement was coming in.

Designed to capture local tops and bottoms, a spike in NVT Golden Cross, as it occurred on the day, reinforced the notion that the volume was not sufficient to support upward trajectory.

“We have a significant change in the NVT Golden Cross indicator, where it has reached its most overvalued position since April last year, before dip to the June lows,” CryptoQuant analyst Kripto Mevsimi told Cointelegraph.

As Cointelegraph reported, forecasts for a generational bottom in BTC/USD this week were as low as $15,500.

A new all-time high may have to wait until 2024, when Bitcoin’s next halving cycle begins.

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risks, you should do your own research when making a decision.