Could Bitcoin [BTC] be on course for another green weekend
Since 2023 began, a number of weekends have acted as stepping stones for Bitcoin’s [BTC] production of green bars.
Interestingly, the 11-13 March period of last week was no different. But with the coin losing and regaining price levels at different intervals, what do the next few days hold for BTC?
How much are 1,10,100 BTCs worth today ?
Well, a digital assets trader by the name of Markus Thielen on Twitter opined that the BTC might not stall its movement at $26,000. Thielen based his judgment on his technical analysis. There, he showed that BTC has long-term support.
Besides, the chart revealed that the mid-term downtrend could be over. And a short-term breakout at $25,817 was already in motion. According to the analyst, BTC had the potential to end up at $28,000 soon.
Source: Markus Theilen via Twitter
There have been calls for the king coin to hit $30,000 before any other major retrace lately. So, Thielen’s opinion could not be outrightly dismissed. However, enthusiasts with this viewpoint may need to exercise caution.
One metric that suggested the stance above is the Network to Value Transaction (NVT) in relation to the BTC circulation. The circulation NVT provides an overview of an asset’s growth potential. This is derived using the Price-to-Earnings ratio and rate of daily circulation.
At press time, the circulation NVT was extremely high at point 538. A high circulation NVT indicates that an asset’s network valuation is higher than the current value displayed on the network.
So, this means that the current BTC value was not cheap compared to its expensive network.
Source: Santiment
However, the NVT condition did not totally cancel the possibility of a further uptick for BTC. This was because whales’
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