The king coin of cryptocurrencies continues to divide opinions among skeptics with its latest movement. After rejecting the $24.2K resistance, BTC prices have crashed below $23,450 at press time according to CoinMarketCap.
This rejection has raised many eyebrows in the community since market conditions have improved of late.
Galaxy Digital CEO Mike Novogratz recently told Bloomberg that he remains doubtful if Bitcoin will push the $30K barrier anytime soon.
“Will Bitcoin get through USD 30,000 on this move up? We will see. I’m doubtful. I think we’re going to probably be in this range now. I quite frankly would be happy if we’re in a USD 20,000, USD 22,000, or USD 30,000 range for a while.”
Novogratz further stated, “We’re not seeing huge institutional flows, to be fair, but we’re not seeing anyone back away.”
Not everyone agrees
That being said, a CryptoQuant insight recent signaled a bullish line across Bitcoin after seeing contract openings in the futures market.
According to the update, “expectations of an improvement in macro sentiment lead short-term betters to build positions in the futures market (open interest), betting on the momentum gain that could channel prices higher.”
However, it remains to be seen if this futures-led rally can prove to be sustainable. This is true, especially for short-term investors who change positions quickly as they are sensitive to changes in general sentiment.
Another bullish indicator was laid out by prominent trader Tone Vays on his YouTube channel. He shed light on a historically bullish signal that preceded BTC’s bottoms in 2015 and 2018 bear markets.
According to Vays, a bullish signal could open up in “about three weeks” which could be as late as the end of August.
“I like the bullish structure here. This is the monthly Heikin-Ashi chart. I would like to see an actual MRI buy. Historically, these MRI buys have been incredible. Back in 2018, we had the perfect buying opportunity, back in 2015 as well. And if the bear market was longer [in 2013], I’m sure we could have gotten one back then as well. And here it is: the third ever MRI buy coming up in about three weeks unless the price rallies a lot significantly, which I hope it does, but we will see,”