thejoyofsaving.comBitcoin Rally?
According to the creators of Glassnode, Bitcoin (BTC) is preparing for a significant move to the upside despite higher-than-anticipated inflation statistics that were released last week.
Bitcoin has recaptured the $26,000 level as support, according to Glassnode creators Jan Happel and Yann Allemann, and BTC’s risk signal looks to have plummeted.
A Glassnode statistic called BTC’s Risk Signal measures the likelihood of a significant decline in Bitcoin’s price.
Founders of Glassnode claim,
“The 0.6% increase in the US Consumer Price Index (CPI) was predicted to affect the price of bitcoin, and it has.
BTC is currently trying for a breach beyond $27,000 in order to potentially break out of a multi-week range after regaining support above $26,000.
This mentality change is seen in Risk Signal’s precipitous decline into the 60s. Although there may be profit booking pressure between $27,400 and $28,200, this ascent appears ready to be the first step before addressing the psychological hurdle at $30,000.”
The U.S. Bureau of Labor Statistics announced last week that the CPI increased from 0.2% in July to 0.6% in August. The data release was timed to coincide with a rise in cryptocurrency and stock prices.
It appears that the founders of Glassnode, who use the alias Negentropic on social networking site X, are predicting a longer-term surge for Bitcoin to considerably higher levels.
According to a graphic shared by the experts, BTC has bounced off a significant ascending channel and is poised to rise to the channel’s top end, or about $150,000, when “greed, euphoria, and FOMO (fear of missing out)” may emerge.
At the time of writing, Bitcoin is trading for $26,517.
