Bitcoin (BTC) Price Forecast: Glassnode Co-Founder Reveals Next Target Level

Bitcoin (BTC) Price Forecast: Glassnode Co-Founder Reveals Next Target Level

Bitcoin’s Price on the Rise

The price of Bitcoin has been steadily increasing since Tuesday, September 12th, reaching around $26,500 at the time of writing. However, the co-founder of Glassnode, a popular cryptocurrency analytics resource, has an optimistic outlook for Bitcoin’s future.

Impact of Consumer Price Index on Bitcoin

The co-founder of Glassnode predicts that the recent jump in the US Consumer Price Index (CPI) by 0.6% has caused some fluctuations in the price of BTC. As reported earlier this week, the core CPI, excluding volatile sectors like food and energy, has seen a yearly increase of 4.3%. The CPI itself was expected to be 3.6%, but it actually reached 3.7%. Initially, this news did not significantly impact Bitcoin’s price.

Prediction for Bitcoin’s Price

The co-founder of Glassnode made a prediction about Bitcoin’s price on Twitter. He stated that BTC has reclaimed support above $26K and is now aiming to break beyond $27K, which would help it escape a multi-week range. However, he also mentioned potential profit booking pressure at $27.4K and $28.2K. Despite these obstacles, he believes Bitcoin is poised to reach $30K.

Hot Take: Glassnode Co-Founder Predicts Bitcoin’s Next Level

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According to the co-founder of Glassnode, Bitcoin has the potential to surpass $27K and break out of its current trading range. However, there may be some resistance at $27.4K and $28.2K due to profit booking pressure. Nevertheless, he sees this as a step towards overcoming the psychological barrier at $30K.

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