The Glassnode team shared their thoughts on Bitcoin in the following Tweet and accompanying chart.
— glassnode alerts (@glassnodealerts) May 16, 2022
Current Bitcoin Price Ranges Between $27,600 and $32k Might Present Buying Opportunities
The number of Bitcoin addresses owning at least one Bitcoin reaches a new all-time high when BTC is trading at $29,400, between the previous week’s local low of $26,700 and the $32k resistance level. This range also includes several important support and resistance levels, including $27,500, $28k, $28,400, $29,300, $30k, $30,500, and $31,400.
Microstrategy and Tesla both purchased significant amounts of Bitcoin at these levels early last year.
It’s not surprising how Bitcoin traders and investors view the current BTC price range as a potential buy zone.
Bitcoin Could Bounce Back to $35k
In terms of short-term price action, BTC analyst MagicPoopCannon predicts a rally to $35,000. However, some lingering weaknesses around Bitcoin may result in a retest of $28k or lower levels.
The following 3 to 12 months could be ideal for accumulating Bitcoin
According to Bitcoin analyst Timothy Peterson of Cane Island Alternative Advisors, Bitcoin is currently underpriced and may remain so for the next 12 to 24 months. However, he believed that the following three to twelve months would be perfect for Bitcoin accumulation.
“How long would #bitcoin stay underpriced? History says 6-12 mo, but that is in a secular bull market. In a secular bear, maybe 12-24 mo.? Nobody knows yet. But since it reverses in 1/2 that time, the prime load-up opportunity would be in 3-12 mos from now.”
Bitcoin’s history of being undervalued and overvalued