2024-04-16 05:04:41
“Longer term: a proper bullish environment is still weeks away.”
AMBCrypto evaluated the analyst’s prediction by looking at the liquidation heat map. This heat map predicts where large-scale liquidations may occur.
As such, traders can identify areas of high liquidity, resistance, and support zones. A high concentration of liquidity is called a magnetic zone.
At this point, the liquidity heat map reflexes
a change in color, suggesting that the price might move towards the point.
At the time of this publication, the metric showed that Bitcoin might advance towards $66,638. Contracts worth $7.18 million might be settled here.
However, if BTC falls, the next area of interest would be $64,580. At this point, open positions worth $29.17 million might disappear on Binance alone.
Simply put, Bitcoin needs to eliminate long leverage positions up to $60,000 to confirm this bearish phase. If this does not happen, the price of the coin might rise to between $72,000 and $75,000.
Keep calm, the BTC crash is not over
Although BTC showed bullish trends, the network value to transactions (NVT) ratio showed that the analyst might be right.
For context, the NVT ratio indicates whether a cryptocurrency is overvalued or not. If the metric increases, it means that the cryptocurrency might be overvalued relative to transactions.
However, a low NVT ratio means the network is undervalued and prices may rise in the short term.
At the time of writing, Bitcoin’s NVT index rose, suggesting that the price might be overvalued for current market conditions.
If the reading remains high in the coming days, Bitcoin price might suffer another correction. However, Woo shared his long-term Bitcoin. forecast
hours following its initial publication.
Is your wallet green? Review the BTC profit calculator
According to him, the currency might reach $91,000 this cycle and $650,000 in the coming years. He concluded,
This is an automatic translation of our English version.
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