When will the bitcoin rocket go to the moon? value analysis

In the bitcoin sphere, one question constantly echoes in the minds of enthusiasts and investors: when will bitcoin go to the moon? While no one knows the answer, there are on-chain metrics and historical patterns that can be followed to track down the answer.

Bitcoin Price Analysis: When Will BTC Expired?

Over the past two weeks, the price of bitcoin has been in a sideways trend. After bitcoin bulls were able to turn around at $24,900, the price rallied over 25%. However, since then, BTC has been trading in a range between $29.800 and $31.300. Neither the bulls nor the bears have been able to gain ground on the higher time frame and break out of the trading range.

Renowned crypto trader and analyst “Rect Capital” believes that The current BTC price action just needs a positive catalyst. According to him, the current sideways trend of bitcoin in a narrow range is only one step away from its final end. He affirms that “the BTC downtrend is only one positive catalyst away from ending. And BTC uptrends are always a negative catalyst from ending”, adding:

BTC posted a bullish monthly close, but a healthy technical retest at ~$29250 is likely. With the price currently hovering around $30200… I wonder what downside catalyst will emerge soon to facilitate this technical retest.

On-chain analyst Axel Adler Jr. agrees with this view and points to the total transfer volume of BTC as an indicator of a larger breakout move. Although the exact time is unknown, Adler Jr. suggestion of Moons could be triggered by a significant event such as the approval of a bitcoin exchange-traded fund (ETF).

Based on historical evidence, Adler Jr. highlighted the correlation between explosive price pumps and an increase in BTC’s total transfer volume. Past examples, such as the dramatic surges seen in February 2019 and August 2020, lend credence to the argument that a similar surge may be just around the corner.

Bull Vs. bear and whale game

Dan Crypto Trades comments On the current state of the market, “They call it a candlestick pattern: Thank you for holding on.” Dan’s keen eye is eagerly awaiting a decisive breakout that will lead bitcoin to a significant move.

As the battle between the bulls and bears begins, he regards the ongoing range-bound activity as a prelude to an impending eruption. “Until then it’s just so much more, stop hunting and liquidity grabbing until one side emerges victorious.” Once the shackles of this consolidation are broken, Dan predicts that the resulting breakout will top 2023:

If BTC pulls back higher from here, I’m pretty sure the next breakout will be where we finally break out of this area. I also think this will be the fastest move and will likely top out for 2023, after which it will slow down the rest of the year. (…)I think we’ll be visiting around 36-40K soon.

Meanwhile, renowned analyst Skew shed Delve into the intricacies of bitcoin’s market dynamics. Taking a close look at the Binance spot market, Skew realized there was a significant accumulation of BTC. He revealed that supply is concentrated between $31.3K and $32K, while demand remains between $29.5K and $28K.

Revealing the tactics of the big players, Skew describes how whales use aggressive short positions to manipulate price within a narrow hourly range, taking advantage of bid liquidity and supply.

BTC purp cvd bucket and delta orders – this shows exactly how the rect apes got it earlier today (long/short cvd). Whales are playing a 1 hour range between good bid liquidity and supply. TWAP orders / CVD shows aggressive shorts walking price from $31.4K to $30K low.

Featured Image from iStock, Chart from Tradingview.com