A bullish start of the month! During the last week of October the global crypto market cap moved past $1 trillion and since then the bulls are trying its best to maintain the mark. During the same time period the world’s first cryptocurrency, Bitcoin regained its key level of $20,000 pushing other currencies like Ethereum, XRP, Solana, Cardano among others.
Currently, Bitcoin is trading at $20,628 after a surge of 0.61% in the last 24hrs and 6.74% over the last seven days. Immediate resistance lies around $20,650 and support is positioned at $20,550.
Now, as the flagship currency is finding some stability around the $20,000 level many industry experts expect more positive days ahead. Among such experts is an anonymous crypto analyst known as Moustache who makes use of the NVT (Network Value of Transactions) indicator and predicts big moves for Bitcoin. He says that as the King currency has surged nearly 450% in the last three years, there could be a massive green candle appearing soon.
NVT ratio is nothing but a ratio which lets us know the connection between asset’s market cap and transfer volumes. The present, NVT Signal (NVTS) is an upgraded version of NVT Ratio which makes use of the 90-day moving average (MA) of daily transfer volume instead of only daily transfer volume.
Bitcoin Price At $30K In 2023
Previously, Moustache had claimed that Bitcoin will hit $30,000 in 2023 and this prediction was given using The Wyckoff Method analysis.
On the other hand, another anonymous crypto analyst, PlanB is of the opinion that Bitcoin will see a massive bull run in the month of November.
Also as per Dan Lim, CryptoQuant analyst asserts that as Bitcoin’s supply between one month and three months is slightly declining, Bitcoin whales seem to be hodling.
Now, if Bitcoin maintains the $20,000 range and manages to reclaim $30,000, the currency will definitely see a massive price surge.