Bitcoin’s Price on the Rise
The price of Bitcoin (BTC) has been steadily increasing since Tuesday, September 12th, reaching around $26,500 at the time of writing. Nonetheless, the co- founder of Glassnode, a trending digital currency 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 United States Consumer Price Index (CPI) by 0.6% has caused some fluctuations in the price of BTC. As reported earlier this coming 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 essentially reached 3.7%. At the beginning, 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 Bitcoin has reclaimed support over $26K and is now aiming to break beyond $27K, which would assist it escape a multi-week range. Nonetheless, he likewise mentioned probable profit booking pressure at $27.4K and $28.2K. Regardless of these obstacles, he believes Bitcoin (BTC) is poised to reach $30K.
Hot Take: Glassnode Co- Founder Predicts Bitcoin’s Next Level
According to the co- founder of Glassnode, Bitcoin (BTC) has the capacity to surpass $27K and break out of its current trading range. Nonetheless, there could 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.
Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content.