Glassnode reveals a bright future for Bitcoin. Check out the latest predicitons about the price of the king coin.
At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $26,224.
Bitcoin new price prediction is out
Co-founder of the crypto analytics firm Glassnode has just said that a Bitcoin (BTC) bottom has formed, and this will be setting the stage for a big rally.
The pseudonymous crypto analyst Negentropic, one of Glassnode’s co-founders, said that two simple moving averages (SMAs) are showing a Bitcoin breakout is likely imminent.
As per the online publication the Daily Hodl, according to the analyst, the 200-day SMA, “a key indicator traders use for determining overall long-term market trends,” has remained a line of support for BTC.
He made sure to explain the fact that “the 50-day SMA is on the verge of crossing over the 200-day SMA, which indicates, based on past performance, that Bitcoin will likely put up huge gains any moment now.”
Here’s what he had to say:
“Bitcoin bottom is in. Shorts getting exhausted after failing numerous attempts to break below 200-day SMA, which is a solid support. 50-day SMA bullish crossover over 200-day SMA, it’s a matter of when BTC goes off.”
Bitcoin rally is based on predicting stocks are at the start of a bull. The analyst addresses a chart from macroeconomist Henrik Zeberg showing the performance of the NASDAQ 100 E-Mini Futures.
“Full bullish chart! No technical weakness.
Nasdaq is climbing the wall of worry!
Driven by five main stocks for now – but will spill over to smaller stocks soon.
Pro tip: Look for a bull flag pattern – two rallies with a brief consolidating retracement period – as a bullish indicator.”
Stay tuned for more Bitcoin price prediciotns and keep your eyes on the market.
