It has been debatable whether record levels will be seen for the Bitcoin price, which has continued to rise in recent days. Analyst Matt Weller also shared a new analysis on Bitcoin price. Weller claimed that Bitcoin may be gradually moving towards the record, and backed this claim with various graphical analysis.
Sharing his comment on the Bitcoin price on Forex.com, Matt Weller said that Bitcoin is trying to rise to the record level, almost reborn from the ashes. Referring to the rally in 2017, Weller emphasized that the current price of Bitcoin is higher than 3 years ago.
He then showed on the following graph that people’s interest in Bitcoin is at a low level:
According to Weller, if users enthusiastically reach the FOMO stage, the rally seen in Bitcoin could rise gradually. On November 18, Santiment shared a graphic explaining that the enthusiasm seen in May 2017 was not seen this year. The firm hinted that a cloud of suspicion has been circulating over investors this year.
Weller’s BTC technical analysis summary
“Bitcoin has seen overbought in the short and medium term periods. This shows that there is a high probability of consolidation or withdrawal. However, as Bitcoin closes above $ 18K for 3 consecutive days, there is very little resistance ahead. ”
Stating that the Bitcoin network is active and now much more secure, the analyst stated that the number of Bitcoin active addresses correlates directly with the hash rate. Later, Paul Tudor Jones touched on institutional investments such as Microstrategy and PayPal, saying that investors can make low-level purchases in the short term, and then record levels can be seen for the Bitcoin price. He concluded his analysis by stating that only a break in the support point at the level of 12 thousand dollars could cause the question of the medium-term rise.
Bitcoin price updated information
Bitcoin is trading at $ 17,829, according to CoinGecko data. Bitcoin, which lost 1.4% in the last 24 hours, rose 13.7% in the week.