Amidst clashing bullish and bearish sentiments, Glassnode analyst expects BTC volatility to push the price to $32,000.
Amidst the US debt situation and its resolution, Bitcoin has maintained very low volatility, straying far from the norm for the crypto. Traders across crypto markets across the globe are expecting another significant price move very soon, marking a return of the significant Bitcoin volatility.
While many seem to expect a short-term correction in the first few days of June, experts like James Check, the lead on-chain analyst at Glassnode, seem to think the next major shift for Bitcoin would send it hurtling past the $28,000 psychological resistance, straight to $32,000. As Check stated, that very price level is where he thinks Bitcoin’s true cost basis is situated.
It’s to be noted that the average cost basis Check mentions is calculated by putting focus on the Bitcoin investors currently considered active. Check further stated, “It’s where the mean reversion level would be, so a rally to that level, to be honest, wouldn’t surprise me.”
BTC/USD 1 day chart
As of right now, the BTC/USD price stays around $27,000 still, yet to make a decisive move in either direction. Those exhausted from the prolonged BTC bear market are most likely waiting for a more concrete resistance level to appear- other than $28,000- to start selling.
On the last day of May, 2023, Bitcoin is trading slightly below $27,200, down by about 0.53% in the past 24 hours. The broader market waits with bated breath for the return of the infamous BTC volatility as $27,000 continues acting as a solid support.