This is why Bitcoin's return to $30K could take as long as August 22

This is why Bitcoin's return to $30K could take as long as August 22

This is why Bitcoin's return to $30K could take as long as August 22

Key Insights:

  • According to signs, Bitcoin will hit $30k in the next month.
  • For the second month in a row, investors have reported losses on their trades.
  • However, the market value of BTC is not recovering.

When it comes to the crypto market, investors have trust in one currency regardless of what occurs since it has greater demand globally than any other asset.

It is also called as the king coin for the same reason. But, over time, the monarch has lost its throne not to any other asset, but to the market's bearishness. However, there is a potential that it may rebound shortly.

Bitcoin on a Timetable?

Yes, surprisingly. It is unusual for Bitcoin to repeat a pattern in as little as six months, but based on the present trend, it appears it may just do so.

Bitcoin's Relative Strength Index (RSI) is presently on the rise, moving from the negative zone where it had been locked since June 17.

After reaching the oversold zone, the RSI has already recovered by more than 50% and is now hovering around the neutral zone at 50.0.

The last time such increase was recorded was between January and March of this year, when BTC soared from the OS zone to reach bullish zone highs. This took Bitcoin 66 days to accomplish at the time.

This is why Bitcoin's return to $30K could take as long as August 22

If the king coin repeats this pattern, it might take until August 22 to reach the same highs.

Similarly, considering that the price increased by 32.78 percent in those 66 days, if BTC rises even somewhat near to that, it will end up just about $23k.

However, if BTC enters the bullish zone, the purchasing pressure it generates will compound its recovery and push it to the next crucial support level, which is $30,143.

Do the metrics back it up?

Looking at Bitcoin's market value, the odds of a climb above $30k in the next month and week are gloomy, as the MVRV ratio remains below the neutral 1.0 threshold with no sign of recovery.

This is why Bitcoin's return to $30K could take as long as August 22

Second, the Spent Output Profit Ratio, which calculates the average profit and loss of coins that moved at the current price vs the price at which they were purchased, revealed widespread losses.

As a result, as it regains investor confidence, the return to $30k will be considerably faster, possibly matching the day when the RSI reaches bullish highs.

This article was first published on FX Empire.

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