Bitcoin Set for Explosion? Glassnode Co-Founders Decode Latest Bullish Signal
Glassnode Analysts Spot Key Bullish Bitcoin (BTC) Signal Known to Trigger Major Rallies for Leading Crypto Asset
"Bitcoin (BTC) Momentum Strengthens, Crushes Key Resistance Levels: Glassnode Co-Founders Analysis
Jan Happel and Yann Allemann, the co-founders of analytics firm Glassnode, have observed significant momentum building for Bitcoin (BTC) as it breaches multiple critical resistance thresholds. This development could signal a robust bullish phase for the premier cryptocurrency.
Focusing on the Bitcoin's Relative Strength Index (RSI), a metric widely used to measure momentum, they note that Bitcoin's RSI has surged past the 70 level. Historically, such a move indicates a potential for substantial upward trends.
Glassnode's proprietary analysis suggests a shift from bearish to bullish territory. The co-founders affirm, "Our weekly chart analysis confirms a long-term bullish trend with growing momentum, hinting that this could be just the start. Recall the surge following the RSI's last breach of 70—Bitcoin's price skyrocketed."
As the RSI approaches overbought conditions, often stretching toward the 100 mark in bullish markets, the analysts convey that a sustained uptrend could likely maintain the rally's momentum for BTC."
Investors should be aware that while RSI is a useful indicator, no single metric can predict market movements with certainty, and they should consider a comprehensive approach to market analysis before making investment decisions.
"Glassnode Analysts Caution BTC Enters 'Uncharted Territory', Possible Retest at $32,700 Before Climb
Glassnode co-founders have highlighted that Bitcoin (BTC) is navigating through 'uncharted territory', touching price ranges last seen the previous year, and suggest a possible dip to $32,700 could occur before the cryptocurrency ascends further.
They emphasize the importance of recognizing key levels for strategic trading decisions, noting, 'Nothing moves in a straight line upwards, and the current landscape is relatively unexplored. Identifying critical ranges is crucial for pinpointing lucrative entry and exit points.'
Currently, Bitcoin has established short-term support at approximately $33,700, with a pivotal juncture at $34,400. Looking ahead, Glassnode's co-founders predict that, 'In the coming term, a retest of the $32,700 – $33,300 level could be on the horizon. Given the market's volatility, temporary dips below these support levels are possible. However, with the daily bar chart trend remaining positive, BTC bulls retain a strong technical upper hand in the near term.'"
Investors are advised to proceed with caution, as the crypto market is notoriously volatile and unpredictable, despite the technical bullish signs. It's always recommended to conduct thorough research or consult financial experts before making investment decisions.
At time of writing, Bitcoin is trading for $35,142.
Nov 06, 2023
