The Bullish Signal for Bitcoin: Glassnode Co-Founders
The co-founders of crypto analytics firm Glassnode, Jan Happel and Yann Allemann, believe that Bitcoin (BTC) is set to surge as it holds above $28,000. According to them, a key indicator is flashing for the leading cryptocurrency.
Bollinger Bands Indicate Volatility
Happel and Allemann look at the Bollinger bands bandwidth (BBW), which measures price volatility. When volatility declines, the upper and lower bands widen, while they contract when volatility is about to increase. The BBW has now reached a low level of 0.20, which has historically preceded major volatility events in BTC’s history.
Bullish Indicator: Moving Average and Resistance Levels
Additionally, the Bollinger bands 50 and the moving average (MA) 50 are positioned below the candlesticks, indicating a bullish signal. This suggests that the price is expected to surge above these levels. The co-founders suggest that significant price fluctuations tend to follow such squeezes.
Risk Signal at Zero
The traders also analyze Bitcoin’s risk signal, which gauges the level of risk of a major price dip. The metric indicates that BTC is finding support at the $28,000 level after briefly touching $30,000 on Monday. It also suggests that BTC may soon make another move to the upside.
Significance of the $28,000 Level
Happel and Allemann explain why the $28,000 level for Bitcoin matters. They highlight that it has immediate surge potential and serves as a critical milestone for the crypto market. The spot market price briefly touched $27,980, emphasizing the importance of this price point.
Bitcoin’s Current Price
At the time of writing, Bitcoin is trading at $28,740.
Hot Take: Glassnode Co-Founders Bullish on BTC
The co-founders of Glassnode, a crypto analytics firm, believe that Bitcoin is about to experience a surge in price. They base their analysis on indicators such as Bollinger bands and risk signals. The Bollinger bands indicate that volatility is about to increase, while the risk signal suggests that BTC may soon make another move to the upside. Furthermore, they emphasize the significance of the $28,000 level for Bitcoin and its potential impact on the market. With these indicators in mind, the co-founders are bullish on BTC’s future performance.
By
By
By
