Is A $72K Bitcoin Surge On The Horizon? Glassnode’s Latest Analysis Points To An Answer
April 23 2024 - 10:00PM
NEWSBTC
Recent insights from Glassnode’s cofounders, shared under their X
(formerly Twitter) account ‘Negentrophic’ have sparked interest in
Bitcoin market dynamics, leading to a promising stabilization and
possible price surge. Related Reading: ‘More Upside Is Coming’:
Crypto Market Set For 350% Growth, Predicts Glassnode Cofounders
Market Sentiments And EMA Trends With Bitcoin’s value recently
wavering below the $70,000 mark, a detailed analysis from the
cofounders suggests that a strong support level around the $62,000
50-day Exponential Moving Average (EMA) could set the stage for a
significant rebound. This crucial support level indicates a strong
buying sentiment, indicating the market’s confidence in the
cryptocurrency’s value and a potential resistance against further
declines. Using the strategic placement of the 50-day EMA as a
support point, the analysis suggests that investors might see the
current price levels as a solid base, preventing significant
downward movements. #BTC potential trajectory may offer
Buy-the-dips Opportunities BTC’s 50-day EMA near $62k provides
potential support, targeting $72k for a rebound. Shorter EMAs
signal a tendency to buy, while longer EMAs suggest a preference
for selling. Given BTC’s recent significant gains…
pic.twitter.com/3NjUUqa001 — 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) April 23,
2024 This perspective is reinforced by recent price movements,
where despite a pre-halving general dip, Bitcoin has experienced a
7.1% increase in value over the past week, and the same uptick
continued in the last 24 hours. Further analysis by the Glassnode
cofounders delves into the behavior of EMAs over different
durations. Short-term EMAs indicate a growing inclination among
investors to buy, while longer-term EMAs lean towards selling. This
contrasting behavior between short and long-term EMAs sheds light
on the current phase of the market, which seems to be in a period
of consolidation after the notable 92% increase in Bitcoin’s price
over six weeks earlier in the year. Such insights are vital as they
offer a deeper understanding of the underlying market forces and
investor behavior during volatile periods. Meanwhile, Glassnode’s
team’s analytical approach extends beyond simple price movements.
Yesterday, they compared the current market conditions to the early
2021 “strong correction,” which they term “wave 4” of the ongoing
market cycle. This historical perspective provides a lens through
which current trends can be evaluated, suggesting a cyclic return
to bullish conditions reminiscent of past market behaviors. Bitcoin
Bullish Projections And Market Dynamics Bitfinex analysts have
highlighted significant activities around Bitcoin withdrawals,
supporting the optimistic outlook on Bitcoin. The current levels,
echo those of January 2023, suggest that investors are increasingly
moving their Bitcoin to cold storage—a sign that many anticipate
further price increases. Related Reading: Analyst Reveals Bitcoin’s
Bull Market Breakthrough: Here’s What You Need To Know Veering back
to Glassnode’s projections yesterday based on their indexes and
Fibonacci levels, the cofounders were boldly optimistic,
anticipating a potential 350% increase from current market levels.
The #Crypto Bull Market Continues. “OTHERS” follows Crypto excl.
the largest 10 Cryptos. Observe that we in early 2021 had a strong
correction. We believe that was a wave 4. We now have a similar
strong decline. More upside is coming. This index and our Fibonacci
levels… pic.twitter.com/qKtIOSXneP — 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_)
April 22, 2024 Notably, this forecast highlights the expected
financial trajectory and underscores a growing confidence
among experts and market analysts in Bitcoin’s market performance
and its foundational economic principles. Featured image from
Unsplash, Chart from TradingView
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