According to the co-founders of Glassnode, a platform that analyzes cryptocurrency, Bitcoin is currently at a crucial turning point. Jan Happel and Yann Allemann have informed their followers on X social media platform, that Bitcoin is currently in a phase of accumulating, with a major shift on the horizon.
Decisive BTC move amidst the accumulation phase
Despite multiple rejections at the $25,000 mark, the price of BTC has reached equilibrium at $25,824, which could potentially serve as a launching point.
However, neither bulls nor bears show dominance, indicating a battle between the two. This is due to the fact that bullish momentum may be losing strength, and a significant move is expected in the near future.
Bitcoin is trading at $25,696 at time of writing.
In a previous tweet, the two co-founders provided insight on the potential direction of Bitcoin’s trajectory. They identified two levels that could indicate whether the market will turn bullish or bearish.
The mid-term outlook appears favorable with a good risk/reward ratio, but the short-term outlook is uncertain with prices ranging between $25,800 to $26,800.
There is a possibility of a bearish trend with a potential downside ranging from $23,800 to $24,800.
Signs of bottoming with bullish divergence
However, there are signs of bottoming with bullish divergence in RSI and decreasing volatility. It is suggested to consider buying after a dip or if the price of $26,800 holds steady and breaks the downward trend.
Regarding the altcoin market, the Glassnode co-founders advise caution with minimizing exposure to altcoins.
Small and mid-cap altcoins have a slight negative impulse and selling pressure, while BTC, ETH, and large-cap altcoins are in uncertain territory.
A flat impulse does not guarantee a strong upward move. It is recommended to await BTC’s upward impulse and stability to confirm a trend reversal before making a safe entry into altcoins.
Stay tuned for more news from the crypto space and make sure to check out the markets as well.
