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The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/bitcoin/bitcoin-price-forecast-next-week-why-btc-may-not-tap-the-30k-level/">Bitcoin Price Forecast Next Week: Why BTC May Not Tap The $30K Level</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a>
Bitcoin has recently grabbed headlines with its fluctuating price of around $28K. While Bitcoin’s price is trying to accelerate buyer confidence, sellers are increasingly active near resistance levels. Consequently, the psychological $30K threshold seems unlikely to be reached by Bitcoin next week. This sentiment is further supported by various on-chain metrics, particularly the rising NVT signal.&nbsp;
<h2 class="wp-block-heading" id="h-hodlers-get-low-confidence-in-bitcoin">HODLers Get Low Confidence In Bitcoin</h2>
While Bitcoin initially <a href="https://coinpedia.org/price-analysis/bitcoin-price-to-surge-3200-investanswers-explain-how-spot-bitcoin-etfs-could-ignite-btc-boom/https://coinpedia.org/price-analysis/bitcoin-price-to-surge-3200-investanswers-explain-how-spot-bitcoin-etfs-could-ignite-btc-boom/" rel="noopener noreferrer nofollow">upheld the ‘Uptober’ trend</a>, it couldn’t sustain the momentum due to a profit-booking sentiment among long-term holders (LTH) or ‘Hodlers.’ Consequently, BTC’s price is indicating bearish on-chain metrics for the upcoming week.
Glassnode data highlights a significant rise in Bitcoin’s NVT signal (network value to transaction ratio), soaring to a high of 1,779 – a level not witnessed in the past five years. Even though Bitcoin’s current value is under half of its 2022 peak, the network volume has plummeted so drastically that a $28,000 valuation might be pushing the limits of sustainability.
<figure class="wp-block-image is-resized"><img decoding="async" src="https://lh5.googleusercontent.com/IgyH8AF4tJb95QH41gL-9nyBw6SpTHWFiQe5mCZUXXzjouMqJFLoYaaB9iYIHfilp5VOOVZzcab7o-pubO1GWF8BYNj3BDKTQlE6ALyy5AsBZp3CVd5OUj1vgsqzZYnm-Rube2gBLXBgVV8lL7YZuo0" alt="" style="width: 100%;height:420px" width="840" height="420">
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A rise in Bitcoin’s NVT suggests that the network’s valuation is outpacing its transaction value. This can indicate either strong growth and investor enthusiasm or a precarious price bubble hovering around the brink of bursting.
Moreover, LTHs are taking profits after the BTC price surged above $28,000. The BTC Hodlers’ net position recently hit a 1-month low of 51,845. Historically, the Hodler Net Position Change has been a trustworthy gauge of Bitcoin market sentiment.&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh6.googleusercontent.com/Pw1isv7_dapuw6g-ylCTnF_CKgn_T0frKIbyunGH8dARZohZhoHnnPh_Hy2UJhKj0S4Hi6my5Fhg0BwdQ1yMrEFC-JUCjzYJg9MtargNSICQFiDSd0RMcD28WEfJhApKVpPyyIFiWWIEj3qPgSF5WS0" alt="">
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A decrease often signifies long-term holders are selling, potentially intensifying market selling pressure and triggering a downtrend. The departure of long-term holders could enhance volatility as short-term players gain dominance, triggering other investors to reconsider their market strategies. As a result, BTC’s price is <a href="https://coinpedia.org/price-analysis/decoding-the-possibility-of-bitcoin-btc-price-dropping-below-20k-in-q4-2023/" rel="noopener noreferrer nofollow">now far behind</a>, reaching the $30K mark next week.&nbsp;
<h2 class="wp-block-heading" id="bitcoin-s-next-week-trend">Bitcoin’s Next Week Trend</h2>
Bitcoin is attempting to hold a trend above $28K, but a pronounced wick on the candlestick indicates strong selling by the bears at this high. Though bears attempted to capitalize on a recent decline, bulls defended the $27,000 level strongly. As of writing, BTC price is trading at $27,976, surging over 0.3% from yesterday’s rate.&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh3.googleusercontent.com/DCE2d5NQeI_Id4sEeXJusJeBxAD6yysqrng2TAAQoEf258K4rxEV3Sj19eXx_VuhhtPXsk7MT-TF22dAEePLd8ERlqjRvD8PFxKDhzP9iouAAv_mG-j-x1bd1VgbnIBso49Ek-QAmCbVpwOuv-YimIc" alt="">
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The rising 20-day exponential moving average at $27.8K and a positive territory RSI above 60 suggest that the bulls are currently dominating. Buyers are likely to challenge the resistance at $28,500 once more.
Should they close above this, it will confirm a short-term double-bottom pattern with a target of $30K. However, it might not be within reach next week due to robust selling pressure and strong bearish metrics.&nbsp;
If the price retreats from this resistance and dips below the 20-day EMA, it might drop to $27,100. If the price fails to meet buyers’ demand near this level, then the BTC price might trigger a bearish consolidation of around $26,400.&nbsp;

Bitcoin Price Forecast Next Week: Why BTC May Not Tap The $30K Level

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