{"id":627212,"date":"2024-07-01T22:00:00","date_gmt":"2024-07-01T22:00:00","guid":{"rendered":"https:\/\/wncen.com\/?p=627212"},"modified":"2024-07-01T14:46:41","modified_gmt":"2024-07-01T14:46:41","slug":"bitcoin-analyst-says-coin-overvalued-why-is-this-btc-chart-super-bullish","status":"publish","type":"post","link":"https:\/\/wncen.com\/bitcoin-news\/bitcoin-analyst-says-coin-overvalued-why-is-this-btc-chart-super-bullish\/","title":{"rendered":"Bitcoin Analyst Says Coin Overvalued: Why Is This BTC Chart Super Bullish?"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Bitcoin is trending higher at spot rates, breaching $63,000 on June 30 before recoiling. Even though momentum is building, the action of the coin&#8217;s price is a source of debate. Still, some are doubtful, thinking there is reason for a possible overvaluation.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Analyst: Bitcoin Is Overvalued, Here&#8217;s Why<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">In a post on X, one analyst <a href=\"https:\/\/x.com\/Giovann35084111\/status\/10267535\" target=\"_blank\" rel=\"noopener nofollow\">argues<\/a> that the coin may likely cool off, extending the 18% drop registered in June. To conclude this, the analyst said the preview factored in several parameters, including time, the number of active Bitcoin addresses, and <a href=\"https:\/\/wncen.com\/news\/bitcoin-network-strengthens-mining-difficulty-hash-rate\/\" target=\"_blank\" rel=\"noopener \">hash rate<\/a>. <\/span><\/p>\n<figure id=\"attachment_627214\" aria-describedby=\"caption-attachment-627214\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-627214\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/GRX-tITbQAA4p0I.png?resize=1024%2C527\" alt=\"Bitcoin overvalued | Source: @Giovann35084111 via X\" width=\"1024\" height=\"527\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/GRX-tITbQAA4p0I.png?w=2032 2032w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/GRX-tITbQAA4p0I.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/GRX-tITbQAA4p0I.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/GRX-tITbQAA4p0I.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/GRX-tITbQAA4p0I.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/GRX-tITbQAA4p0I.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/GRX-tITbQAA4p0I.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-627214\" class=\"wp-caption-text\">Bitcoin overvalued | Source: @Giovann35084111 via X<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Through this model, the analyst said there was reason to doubt the uptrend, dampening the spirits of optimistic holders expecting bulls to push on. As of writing, Bitcoin is back in the multi-week range with caps at all-time highs and support at $56,800 registered in May.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/ethereum-goes-budget-friendly-transaction-fees-drop-to-lowest-since-2016\/\" target=\"_blank\" rel=\"noopener \">Ethereum Goes Budget-Friendly: Transaction Fees Drop To Lowest Since 2016<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">From price action, it is clear that buyers are in charge, at least from a top-down preview. Despite the lower lows, especially in May when prices breached $60,000, bulls have a chance from a top-down preview.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Notably, prices are inside a bull flag after gains in Q1 2024. However, buyers&#8217; failure to confirm gains in mid-March is slowing down the uptrend. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Buyers have failed to breach $74,000 from the daily chart, and $72,000 is a strong liquidation line. In the short term, the trend could shift if prices break out decisively above $66,000, preferably at the back of rising trading volume. <\/span><\/p>\n<figure style=\"width: 1233px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.tradingview.com\/x\/qZaUeyhs\/\" alt=\"Bitcoin price trending sideways on the daily chart | Source: BTCUSDT on Binance, TradingView\" width=\"1233\" height=\"592\"><figcaption class=\"wp-caption-text\">Bitcoin price trending sideways on the daily chart | Source: <a href=\"https:\/\/www.tradingview.com\/x\/r4DjynXI\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h2><span data-preserver-spaces=\"true\">Germany Selling As BTC Gains Versus M1 Money Supply In The United States<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Further fueling concerns is the recent dump by the German government. On July 1, they transferred 1,500 BTC, worth over $94 million. Lookonchain <a href=\"https:\/\/x.com\/lookonchain\/status\/52627855\" rel=\"nofollow\">data<\/a> shows 400 BTC were sent to three exchanges, including Bitstamp. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Though it is not immediately clear if they sold, sending them to exchange means they are keen on offloading them&#8211;a net bearish. The address associated with the German government currently holds over 44,000 BTC worth more than $2.5 billion at spot rates. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Even amid these concerns, others are bullish on BTC. Citing the relationship between the United States M1 money supply and BTC prices, one analyst said the coin is priming for major gains.<\/span><\/p>\n<figure id=\"attachment_627213\" aria-describedby=\"caption-attachment-627213\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-627213\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/GRZBgmOXIAA5Cts.jpg?resize=1024%2C522\" alt=\"BTC chart versus United States M1 money supply | Source: @CryptoJelleNL via X\" width=\"1024\" height=\"522\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/GRZBgmOXIAA5Cts.jpg?w=2048 2048w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/GRZBgmOXIAA5Cts.jpg?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/GRZBgmOXIAA5Cts.jpg?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/GRZBgmOXIAA5Cts.jpg?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/GRZBgmOXIAA5Cts.jpg?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/GRZBgmOXIAA5Cts.jpg?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/GRZBgmOXIAA5Cts.jpg?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-627213\" class=\"wp-caption-text\">BTC chart versus United States M1 money supply | Source: @CryptoJelleNL via X<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Looking at the chart, the analyst <a href=\"https:\/\/x.com\/CryptoJelleNL\/status\/53550797\" target=\"_blank\" rel=\"noopener nofollow\">argues<\/a> that Bitcoin has not reached a new all-time high relative to the United States M1 money supply in over six years. <\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/analysis\/avax\/avalanche-avax-price-rallies-30\/\" target=\"_blank\" rel=\"noopener \">Avalanche (AVAX) Price Rallies: Can It Break Through the $30 Barrier?<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">However, considering the steady surge in BTC prices since mid-2023, it is highly likely that bulls will take over, pushing the coin to fresh all-time highs.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image from DALLE, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin is trending higher at spot rates, breaching $63,000 on June 30 before recoiling. Even though momentum is building, the action of the coin&#8217;s price is a source of debate. Still, some are doubtful, thinking there is reason for a possible overvaluation. Analyst: Bitcoin Is Overvalued, Here&#8217;s Why In a post on X, one analyst argues that the coin may likely cool off, extending the 18% drop registered in June. To conclude this, the analyst said the preview factored in several parameters, including time, the number of active Bitcoin addresses, and hash rate. Through this model, the analyst said there was reason to doubt the uptrend, dampening the spirits of optimistic holders expecting bulls to push on. As of writing, Bitcoin is back in the multi-week range with caps at all-time highs and support at $56,800 registered in May. Related Reading: Ethereum Goes Budget-Friendly: Transaction Fees Drop To Lowest Since 2016 From price action, it is clear that buyers are in charge, at least from a top-down preview. Despite the lower lows, especially in May when prices breached $60,000, bulls have a chance from a top-down preview. Notably, prices are inside a bull flag after gains in Q1 2024. However, buyers&#8217; failure to confirm gains in mid-March is slowing down the uptrend. Buyers have failed to breach $74,000 from the daily chart, and $72,000 is a strong liquidation line. In the short term, the trend could shift if prices break out decisively above $66,000, preferably at the back of rising trading volume. &nbsp; &nbsp; &nbsp; &nbsp; Germany Selling As BTC Gains Versus M1 Money Supply In The United States Further fueling concerns is the recent dump by the German government. On July 1, they transferred 1,500 BTC, worth over $94 million. Lookonchain data shows 400 BTC were sent to three exchanges, including Bitstamp. Though it is not immediately clear if they sold, sending them to exchange means they are keen on offloading them&#8211;a net bearish. The address associated with the German government currently holds over 44,000 BTC worth more than $2.5 billion at spot rates. Even amid these concerns, others are bullish on BTC. Citing the relationship between the United States M1 money supply and BTC prices, one analyst said the coin is priming for major gains. Looking at the chart, the analyst argues that Bitcoin has not reached a new all-time high relative to the United States M1 money supply in over six years. Related Reading: Avalanche (AVAX) Price Rallies: Can It Break Through the $30 Barrier? However, considering the steady surge in BTC prices since mid-2023, it is highly likely that bulls will take over, pushing the coin to fresh all-time highs. Feature image from DALLE, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":615265,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,679,1119,78790,92650,15899,92679],"class_list":["post-627212","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btcusdt","tag-german-government","tag-hash-rate","tag-united-states-m1-money-supply"],"acf":[],"yoast_head":"\n<title>Bitcoin Analyst Says Coin Overvalued: Why Is This BTC Chart Super Bullish?<\/title>\n<meta name=\"description\" content=\"Bitcoin might be in green at spot rates but one analyst thinks BTC is overvalued and primed for losses. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.","sameAs":["https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/","https:\/\/x.com\/Dalmas_Ngetich"],"url":"https:\/\/wncen.com\/author\/dalmasngetich\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Analyst Says Coin Overvalued: Why Is This BTC Chart Super Bullish?","url":"http:\/\/wncen.com\/bitcoin-news\/bitcoin-analyst-says-coin-overvalued-why-is-this-btc-chart-super-bullish\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/bitcoin-news\/bitcoin-analyst-says-coin-overvalued-why-is-this-btc-chart-super-bullish\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/DALL\u00b7E-2024-06-11-12.50.19-A-wide-format-illustration-for-a-news-report-titled-Bitcoin-Price-Crashes-Below-67000_-Key-Reasons.-The-image-features-a-large-detailed-Bitcoin-p.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/DALL\u00b7E-2024-06-11-12.50.19-A-wide-format-illustration-for-a-news-report-titled-Bitcoin-Price-Crashes-Below-67000_-Key-Reasons.-The-image-features-a-large-detailed-Bitcoin-p.png?fit=1792%2C1024"},"articleSection":"Bitcoin News","author":[{"@type":"Person","name":"Dalmas Ngetich"}],"creator":["Dalmas Ngetich"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin price","btc","btcusdt","german government","hash rate","united states m1 money supply"],"dateCreated":"2024-07-01T22:00:00Z","datePublished":"2024-07-01T22:00:00Z","dateModified":"2024-07-01T22:00:00Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Analyst Says Coin Overvalued: Why Is This BTC Chart Super Bullish?\",\"url\":\"http:\\\/\\\/wncen.com\\\/bitcoin-news\\\/bitcoin-analyst-says-coin-overvalued-why-is-this-btc-chart-super-bullish\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/bitcoin-news\\\/bitcoin-analyst-says-coin-overvalued-why-is-this-btc-chart-super-bullish\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/DALL\\u00b7E-2024-06-11-12.50.19-A-wide-format-illustration-for-a-news-report-titled-Bitcoin-Price-Crashes-Below-67000_-Key-Reasons.-The-image-features-a-large-detailed-Bitcoin-p.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/DALL\\u00b7E-2024-06-11-12.50.19-A-wide-format-illustration-for-a-news-report-titled-Bitcoin-Price-Crashes-Below-67000_-Key-Reasons.-The-image-features-a-large-detailed-Bitcoin-p.png?fit=1792%2C1024\"},\"articleSection\":\"Bitcoin News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Dalmas Ngetich\"}],\"creator\":[\"Dalmas Ngetich\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin price\",\"btc\",\"btcusdt\",\"german government\",\"hash rate\",\"united states m1 money supply\"],\"dateCreated\":\"2024-07-01T22:00:00Z\",\"datePublished\":\"2024-07-01T22:00:00Z\",\"dateModified\":\"2024-07-01T22:00:00Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/DALL\u00b7E-2024-06-11-12.50.19-A-wide-format-illustration-for-a-news-report-titled-Bitcoin-Price-Crashes-Below-67000_-Key-Reasons.-The-image-features-a-large-detailed-Bitcoin-p.png?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/627212"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/384"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=627212"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/627212\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/615265"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=627212"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=627212"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=627212"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}