Where to next for Bitcoin? A new survey from CryptoMichNL shows hodlers are torn.
“If we continue to make LHs, we'll probably test and sweep around $22.3K before continuation. Grants some serious buying opportunities.”showed just how torn the average market participant was regarding where the market might head next. At the time of writing, 47.8% of around 4,000 responses agreed that a correction should take place on Bitcoin, with the remaining 52.2% betting on a trip to $25,000.alongside a chart with targets.
“On the intra-day I'm mainly watching these white area's being the high volume nodes together with the Daily and Weekly open. Expansion above 23.1 and below 22.6K. Chop until then.”the likelihood of upside continuation, fellow trader Gaah meanwhile highlighted $24,000 as an important level to watch.on the significance of the surrounding area, this being a site for short liquidations with Bitcoin’s 200-week moving average above.
“The first positive sign for reversal is $20.8k becoming floor. The second positive sign is $24k becoming the next floor,” part of Gaah’s analysis read.Zooming out, it was on-chain analytics firm Glassnode which was cautiously optimistic about the significance of the BTC price breakout.In hitting current levels, it noted, BTC/USD had surpassed three key trend lines in one fell swoop, this not occurring since March 2020.
“The recent surge in Bitcoin price action has resulted in an initial breakout above all three cost-basis for the first time since the 2018/19 bear market and the March 2020 Covid crisis,” accompanying commentsThe chart showed the cost bases — the aggregate price paid — for short-term and long-term Bitcoin holders, along with the realized price that reflects the aggregate price at which the supply last moved.
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