search
Homeweb3.0Bitcoin (BTC) Price Prediction 2022: Will the King of Crypto Bounce Back?

Bitcoin [BTC] was in a tough position at press time. The spot ETF inflows were negative and the recent sharp price drop caused large liquidations.

Bitcoin (BTC) Price Prediction 2022: Will the King of Crypto Bounce Back?

Bitcoin [BTC] encountered difficulties on several fronts at press time.

The spot ETF inflows were negative, and the recent sharp price drop led to large liquidations. The massive outflow of BTC from Binance also did not help the market sentiment.

Source: BTC/USDT on TradingView

On the weekly chart, the market structure was still bearish. A new high was not achieved, and the king of crypto formed a series of lower highs since April. Could traders be setting up for more weakness?

The Bitcoin Golden Cross trend

Source: CryptoQuant

In a post on CryptoQuant, crypto analyst Burrak Kesmeci observed that the peaks of the Bitcoin NVT Golden Cross were in a downward trend over the past six months.

The values of the peaks fell from 3.17 on the 31st of March to 1.46 on the 26th of August.

The Network Value to Transactions (NVT) Golden Cross metric compares the short-term and long-term trend of the NVT metric, giving a Bollinger Bands-like signaling indicator.

Values of above 2.2 indicate the network is likely overpriced, while values under -1.6 signal a market bottom.

The decline in the peak values since late March is a sign that Bitcoin may be undervalued relative to its transaction volume and presented an accumulation opportunity.

It also highlighted the bulls’ inability to force a breakout past key resistance levels such as $70k.

On-chain data supports the bullish side

Source: Santiment

The 180-day mean coin age continued to trend upward since late March, even though the weekly market structure turned bearish in recent months.

Read Bitcoin’s [BTC] Price Prediction 2024-25

Also, the past month saw strongly positive social media engagement, even though the Bitcoin price trend was choppy.

The MVRV was negative to show holders were at a loss and that the asset was likely undervalued. Meanwhile, the daily active addresses metric has been stable since June.

The above is the detailed content of Bitcoin (BTC) Price Prediction 2022: Will the King of Crypto Bounce Back?. For more information, please follow other related articles on the PHP Chinese website!

Statement
The content of this article is voluntarily contributed by netizens, and the copyright belongs to the original author. This site does not assume corresponding legal responsibility. If you find any content suspected of plagiarism or infringement, please contact admin@php.cn
Senators Lummis and Scott Promise Pro-Bitcoin Legislation if Republicans Win the Majority in the Upcoming ElectionsSenators Lummis and Scott Promise Pro-Bitcoin Legislation if Republicans Win the Majority in the Upcoming ElectionsJul 27, 2024 pm 12:58 PM

Senator Cynthia Lummis took the stage to speak at the Bitcoin 2024 conference along with Senator Tim Scott, on Friday, discussing cryptocurrency and their vision for its role in the U.S. financial system.

Bitcoin (BTC) Exchange Netflow Has Just Taken to Positive Values, Here's What It MeansBitcoin (BTC) Exchange Netflow Has Just Taken to Positive Values, Here's What It MeansJul 27, 2024 am 12:07 AM

On-chain data shows the Binance exchange has received large net Bitcoin inflows during the past day, indicating that BTC's decline may extend further.

Hackers recover $3 million in bitcoin from software wallet locked for over a decadeHackers recover $3 million in bitcoin from software wallet locked for over a decadeJun 14, 2024 am 09:57 AM

JoeGrand-anethicalhackerandYouTuberwhoiswidelyknownforhisprojectsinvolvingcryptowallets,hassuccessfullyrecoveredalife-changingamountofbitcoin,presentlyvaluednorthof$3millionfromasoftwarewalletthathasbeenlockedformo

Bitcoin (BTC) – America’s Key To Economic Supremacy?Bitcoin (BTC) – America’s Key To Economic Supremacy?Jul 26, 2024 pm 09:15 PM

In the ongoing global economic and geopolitical rivalry, the United States may have a powerful new weapon – Bitcoin (BTC). That is the argument made by Sam Lyman

US Stock Market Peak Warning May Also Impact Bitcoin (BTC) MarketUS Stock Market Peak Warning May Also Impact Bitcoin (BTC) MarketJul 27, 2024 am 06:35 AM

Financial experts are warning of an impending peak in US stocks. This may also lead Bitcoin to rise. According to Arthur Budaghyan, an analyst at BCA Research, the US stock market

Bitcoin vs. Gold vs. S&P 500: Which Is the Best Investment in the Current Market?Bitcoin vs. Gold vs. S&P 500: Which Is the Best Investment in the Current Market?Jul 27, 2024 am 07:11 AM

Cryptocurrencies, commodities, and stocks are among the most popular risk assets for investment and trade, also leading finance indicators.

Bitcoin (BTC) Witnesses “Rare” Buy Signal, Could Enjoy a Massive Rally to $130,000Bitcoin (BTC) Witnesses “Rare” Buy Signal, Could Enjoy a Massive Rally to $130,000Jul 26, 2024 am 11:26 AM

Crypto analyst Mikybull Crypto has revealed the return of a technical indicator that represents a buy signal for Bitcoin. Based on his predictions, the

Bitcoin Holders Can Now Purchase European Union Citizenship, Combining Cryptocurrency and Immigration PolicyBitcoin Holders Can Now Purchase European Union Citizenship, Combining Cryptocurrency and Immigration PolicyJul 25, 2024 pm 02:53 PM

Powered by the Unbound Fund, this initiative uses Bitcoin as a key to open up Portuguese citizenship via the country's golden visa program.

Hot AI Tools

Undresser.AI Undress

Undresser.AI Undress

AI-powered app for creating realistic nude photos

AI Clothes Remover

AI Clothes Remover

Online AI tool for removing clothes from photos.

Undress AI Tool

Undress AI Tool

Undress images for free

Clothoff.io

Clothoff.io

AI clothes remover

AI Hentai Generator

AI Hentai Generator

Generate AI Hentai for free.

Hot Article

R.E.P.O. Energy Crystals Explained and What They Do (Yellow Crystal)
3 weeks agoBy尊渡假赌尊渡假赌尊渡假赌
R.E.P.O. Best Graphic Settings
3 weeks agoBy尊渡假赌尊渡假赌尊渡假赌
R.E.P.O. How to Fix Audio if You Can't Hear Anyone
3 weeks agoBy尊渡假赌尊渡假赌尊渡假赌

Hot Tools

ZendStudio 13.5.1 Mac

ZendStudio 13.5.1 Mac

Powerful PHP integrated development environment

Safe Exam Browser

Safe Exam Browser

Safe Exam Browser is a secure browser environment for taking online exams securely. This software turns any computer into a secure workstation. It controls access to any utility and prevents students from using unauthorized resources.

SAP NetWeaver Server Adapter for Eclipse

SAP NetWeaver Server Adapter for Eclipse

Integrate Eclipse with SAP NetWeaver application server.

WebStorm Mac version

WebStorm Mac version

Useful JavaScript development tools

Atom editor mac version download

Atom editor mac version download

The most popular open source editor