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Saturday, April 10, 2021

Bitcoin Might Increase By $20K Before Overbought Zone

At this very moment, Bitcoin appears to be unstoppable with the exceedingly quick-paced bull run. The on-chain metrics also indicate that an important correction is around the corner for BTC prices.

Following the ‘year to date’ return that is approximately 80%, several of the analysts have been giving out warnings against Bitcoin that it might be approaching the territory of overbought. On the other hand, the specific on-chain metric indicates that the leading cryptocurrency is totally prepared for another enormous increase in their price.

Warnings Over Forthcoming Bitcoin Price

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The market value of Bitcoin has spiked by almost 60% from the very start of this month. Additionally, BTC has very recently been able to hit another new all-time high that is nearly $52,800. In the meantime, another wave of new retail investors is flocking towards this coin.

Over 20,000 addresses that are new have been joining the network of BTC every single day for the last 5 weeks and this indicates that there is a surge in user adoption. In addition, it seems that the $1.5 billion investment of Tesla in BTC has brought them into the spotlight. On the other hand, they are losing the trust of the financial system on a global basis.

Even though there is an enormous gain that is evident in the price of BTC, some analysts think that a significant correction might be coming soon.

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Nikolaos Panigirtzoglou, Worldwide Market Strategist of JPMorgan, has recently stated that BTC appears to be ‘unsustainable’ at their present price levels. He also added that the inflexible supply of BTC has resulted in a price premium towards both the ‘speculative’ investors and ‘real money’ but retail investors are shying away from institutional inflows.

BTC might increase by another $20,000 prior to overheating the market.

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