According to the co-founders of Glassnode, a platform for analyzing cryptocurrencies, Bitcoin’s next surge could be triggered by a specific event.
Jan Happel and Yann Allemann, who go by the name Negentropic, have stated that if the Relative Strength Index (RSI) falls below 37, it may result in a BTC rally.
New BTC rally is underway
The RSI indicator ranges from 0 to 100, with a reading below 30 being considered bullish and over 70 being seen as bearish. The Glassnode co-founders believe that there are potential buyers waiting to purchase Bitcoin at the $28,500 support level and below.
“Bitcoin’s potential retest of $28,500 bottom indicated by RSI.
– Bears holding sway with RSI between 37-50.
– Sub-37 RSI could trigger a strong reversal.
– Demand shows up between $28,500 – $27,800.
Is this the catalyst for the next upward move?”
Bitcoin is trading at $29,438 at the time of writing.
Looking at altcoins, the co-founders of Glassnode have stated that a surge in their value is unlikely unless an unexpected event occurs. This is due to the struggle they face during a decline in Bitcoin’s price.
Although Bitcoin made a positive move beyond $30,000 this week, it is uncertain whether this trend will continue. Altcoins are experiencing difficulty, with the exception of Solana (SOL), Toncoin (TON), and Hedera (HBAR), which have shown gains of 6% to 9% overnight.
As Bitcoin’s value falls, altcoins are feeling the pressure. Without a surprising catalyst, we anticipate a strong push in their value possibly after the summer.
David Rubenstein, a billionaire and co-founder of Carlyle Group, has stated that Bitcoin (BTC) is receiving significant attention globally and is a permanent fixture in the financial world.
Rubenstein argues that individuals are increasingly searching for private transactions, and cryptocurrencies such as Bitcoin provide that.
Despite high-interest rates making gold and other investments redundant, cryptocurrencies are still in demand due to the need for privacy and anonymity.
Rubenstein predicts that people will continue to use cryptocurrencies even if there are government regulations placed on them.
