The founder of Glassnode has just revealed that we have some pretty bullish news awaiting the price of Bitcoin and other crypto assets. Check out some of the factors that are making the crypto market shine these days.
New Bitcoin price prediciton is out
At the moment of writing this article, BTC is trading in the red, and the king coin is priced at $26,562.
A crypto analytics firm Glassnode co-founder, says Bitcoin (BTC) is gearing up for a bull run after a dip down.
As the online publication the Daily Hodl notes, the pseudonymous crypto analyst Negentropic, one of Glassnode’s co-founders, stated not too long ago that after Bitcoin’s plunge to the $25,000 level the king crypto is likely setting up for a rally.
He made sure to post a chart that shows Bitcoin is retesting a “neckline” and likely entering a consolidation phase before rallying upward.
“In technical analysis, a neckline is a trendline drawn below a head and shoulders pattern and used as a key indicator of a trend reversal,” the online publication the daily Hodl notes.
“Statement: BTC started the week with a plunge, touching the $25,000 boundary.
Why: Blame it on the Binance FUD (fear, uncertainty and doubt) – thanks to the SEC lawsuit. BUT every cloud has a silver lining! BTC shows signs of overselling.
Our short-term prognosis? The short-term outlook suggests this is a solid opportunity to accumulate, especially if we revisit the low $25,000 area. A major move is on the horizon, and the market is teeming.”
The crypto markets have been tumultuous this week, and this has been mainly happening in response to the U.S. Securities and Exchange Commission’s (SEC) two lawsuits against Coinbase and Binance.
In response to the volatility, widely followed crypto analyst Michaël van de Poppe said recently that BTC needs to remain above $26,100 to avoid further drop-off.
“Bitcoin is still holding onto the range low, but the price action is simply disgusting.
Needs to hold above $26,100 to avoid a cascade.”
The same analyst has also addressed the leading smart contract platform, Ethereum. Van de Poppe says ETH needs to break and hold the $1,850 price level.