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.
Bitcoin is currently trading at $20,628 after gaining 0.61% over the past 24 hours and 6.74% over the past seven days. An immediate resistance is near the $20,650 level and support is located 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.
The NVT ratio is nothing but a ratio that lets us know the relationship between an asset’s market cap and transfer volume. Currently, the NVT signal (NVTS) is an improved version of the NVT ratio that uses the 90-day moving average (MA) of the daily transfer volume instead of just the 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 unnamed cryptocurrency analyst, PlanB, believes that the month of November will see a massive bull run in Bitcoin.
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 limit and manages to reclaim $30,000, the currency will surely see a massive increase in price.
