It has been just revealed that the founders of Glassnode have set a potential trajectory for the price of Bitcoin. Check out the latest reports about the matter below.
Glassnode co-founders reveal massive prediciton about BTC
The co-founders at Glassnode are excited about Bitcoin’s recent performance. They say that BTC has passed multiple crucial resistance levels and is now gaining momentum.
Specifically, they’re paying attention to Bitcoin’s relative strength index (RSI) which is an indicator of momentum.
The RSI is currently above 70, and the Glassnode analysts think that this could mean another big move up for BTC, based on past performance.
“We analyzed our proprietary regime shift and concluded that we were transitioning from a bearish to a bullish environment. The weekly chart reinforces our view. A long-term bullish trend was confirmed, momentum is building up, and from the looks, it’s only the beginning. Notice how the last time RSI crossed 70, bitcoin exploded.”
The experts continued and said the following:
“The RSI is now beginning to be overbought and could stretch higher toward the 100 mark, as it is the norm with bullish markets. In other words, as long as it sustains the uptrend, the BTC price would be inclined to keep the rally intact.”
Bitcoin (BTC) is currently reaching price levels not seen since last year, which is uncharted territory for the cryptocurrency.
Analysts are warning that it is important to define critical ranges to identify attractive entry and exit levels, as nothing moves in an up-only manner.
Glassnode co-founders predict that BTC may reach the $32,700 level before continuing to rise, but it is crucial to keep in mind that volatility is high, and we may see wicks below our current support levels.
In the short term, support is forming around $33,700 with a pivot point at $34,400. In the mid-term, there could be a retest of the $32,700 – $33,300 level. Despite this, BTC bulls still have a solid near-term technical advantage, and a price uptrend is reflected on the daily bar chart.
