Analysts following the recent path of Bitcoin value have seen the digital asset teeter on the edge of the $10,000 mark: in early trading, BTC was down at $9961; it has since broken the 10K level again.
William Suberg at Cointelgraph is taking a cue from Hans Hauge, senior qualitative researcher at crypto investment fund Ikigai this morning, citing Hauge’s remarks that use a pretty obscuire metric to suggest future BTC value growth.
“BDD refers to the amount of time between movements of an amount of Bitcoin,” Suberg writes. “Higher prices tend to coincide with coins moving more often — and at present, Hauge says the opposite trend is apparent.”
As a result, Suberg reports, Hauge contends that there’s potential for BTC to go higher.
“Bitcoin bubble tops are clearly identified with a dark red cluster of Adjusted Binary BDD,” Hauge reportedly said. “Until that happens, we’re not at the top. Public opinion is key here because that red cluster is caused by the assumption of the crowd and is self-fulfilling (action).”
There’s also the Bitcoin-only version of the Crypto Fear and Greed Index, which, as Marie Huillet reported Aug. 16, has been laying against its bottom. Looking at analyst sentiment, it’s clear that some are looking for dramaticallu higher BTC values, while others are looking for Bitcoin to bottom out.
Alternately, there’s also the view that short-term gains will be minor.
“Bitcoin’s defense of the 100-day moving average and a bullish divergence of an hourly chart indicator suggest scope for a minor price bounce to $10,300,” writes Omkar Godbole at Coindesk. “Bitcoin will remain in the hunt for a drop to $9,467 (Aug. 13 low), as long as the rising wedge breakdown seen on the 4-hour chart remains valid.”
Which one of these projections is going to win out? Keep the BTC chart open today.