Recent price fluctuations of Bitcoin are causing concern among investors, yet experts have forecasts regarding the cryptocurrency's future rise.
Analysis of Bitcoin’s 50-Week Moving Average
Crypto trader Mags points out that Bitcoin's 50-week moving average (50 WMA) serves as a strong support level. Historically, whenever Bitcoin touched this line, the price often rallied afterward. Mags highlighted several historical 'BUY' signals that support this analysis, with the only 'SELL' signal being recorded back in early 2022.
On-Chain Activity Indicates Accumulation
Additionally, crypto analyst Maartunn noted significant blockchain activity: over 19,400 BTC, worth approximately $2.11 billion, have recently been moved from dormant wallets to institutional addresses. These coins had been inactive for three to seven years.
Short-Term Risks Persist
However, current data from CryptoQuant shows that the Cumulative Volume Delta (CVD) remains negative, indicating ongoing selling by traders. This suggests that some market participants may bet against price increases in the short term.
The situation in the Bitcoin market continues to provoke debate. Despite signs of potential growth, short-term risks and price fluctuations remain critical factors for investors.
