Expect FOMO Among Bitcoin Traders if This Occurs, Glassnode Founders Assert

Bitcoin Bulls Await Key Resistance Breakout, Say Glassnode Founders

Crypto analysts from Glassnode, Jan Happel and Yann Allemann, believe that Bitcoin (BTC) is on the cusp of surpassing a crucial resistance level that could trigger a significant upward movement. According to the analysts, if BTC convincingly breaks through the $52,000 mark, traders may experience FOMO (fear of missing out) and drive further bullish momentum.

The $52,000 level has historically served as strong resistance on the weekly chart. A successful breach of this level could lead to increased buying pressure and potentially create a FOMO scenario. The current trajectory of BTC depends on its ability to maintain levels above $52,000.

Next Resistance Levels and Elliott Wave Analysis

Happel and Allemann suggest that BTC’s next line of resistance in an uptrend is at $58,000. They also analyze Bitcoin’s price movement using the Elliott Wave theory, which indicates that BTC has completed a bullish ABC corrective wave. This theory predicts future price action based on crowd psychology manifested in waves. Typically, a bullish asset undergoes an ABC correction before embarking on a five-wave upward move.

Corrections Don’t Invalidate Bitcoin’s Uptrend

The analysts emphasize that while there may be market corrections in the future, historical data shows that corrections alone do not necessarily invalidate a Bitcoin uptrend. They refer to previous pullbacks in January 2024 and highlight that major rallies are often accompanied by significant pullbacks. However, this does not imply a complete shift in the overall trend. According to Happel and Allemann, the current rally in BTC and crypto is far from over.