Bitcoin: Analysis of the Chances of BTC Reaching $64,000 by May

Journalist

• Whales have been selling Bitcoin over the past week.
• Most market indicators suggested that investors could experience a few days of slow movement.

After a rough week Bitcoin [BTC] started to stabilize as its value remained above a crucial support level. This recent development could lead to a price surge in the coming days, which could see BTC reclaim $64,000.

Is Bitcoin back on track?

According to CoinMarketCapBTC price has fallen by more than 3% over the past seven days. However, the past 24 hours have been better as the coin’s price increased marginally.

At the time of writing, BTC was trading at $61,011.10, with a market cap of over $1.2 trillion. BTC’s Fear and Greed Index continued to remain in the “greed” zone as it had a reading of 56 at press time.

Crypto Tony, a well-known crypto analyst, recently posted a tweet announcing that BTC price was near its support at $60,000. The tweet also mentioned that there were chances of BTC reclaiming $64,000.

Considering the performance of the past 24 hours, the $64,000 target seemed achievable in the near future.

Therefore, AskFX analyzed BTC’s metrics to find out if they support the possibility of a price increase. AskFX’s analysis of data from CryptoQuant revealed that selling pressure on BTC was high.

The coin’s net deposit on exchanges was high compared to the last 7-day average.

Furthermore, both its Coinbase Premium and Korea Premium were red, meaning that selling sentiment dominated among US and Korean investors.

Besides retail investors, whales were also on a buying spree. AskFX examined data from Glassnode and found that the number of BTC addresses with balances above $100,000 has dropped dramatically over the past seven days.

It was clear that the biggest players in the crypto market were selling BTC. This could pose a problem for the coin’s short-term $64,000 range.

Which direction is Bitcoin heading? AskFX analyzed the daily chart to see if the recent sell-offs would have an immediate impact on BTC price. According to our analysis, it may take some time for BTC to become volatile to the north. The Chaikin Money Flow (CMF), which measures the coin’s liquidity, saw a sharp decline.

The Relative Strength Index moved below neutral in the same direction.

Read Bitcoin price prediction for [BTC]

MACD showed that bulls and bears are competing for an edge in the market. All of these indicators pointed to slow times ahead.

For BTC to become volatile, the price must first rise above its 20-day simple moving average. At press time, BTC was below this level.