Bitcoin and Altcoins Set for Parabolic Move
The co-founders of the crypto analytics firm Glassnode believe Bitcoin (BTC) and altcoins are setting the stage for a parabolic move. Glassnode co-founders Jan Happel and Yann Allemann, who share the Negentropic handle on the social media platform X, say that both Bitcoin and Ethereum (ETH) have printed bull flag patterns.
A bull flag pattern typically signals that the uptrend which was underway prior to a price descent is about to resume. The co-founders also say that the market capitalization of altcoins appears to have formed a bullish rounding bottom, which in technical analysis is a pattern found at the end of a lengthy downward trend marking a reversal.
Positive Projections
The traders also suggest that Bitcoin will head higher after the new US Consumer Price Index (CPI) data shows inflation is cooling. “Bitcoin experienced a peak at $37,900 on November 9th, only to dip to $36,880 today, erasing weekend gains. Now, all eyes are on the upcoming US Consumer Price Index (CPI) data. Projections suggest a yearly core CPI inflation of 4.1% and a monthly increase of 0.3%.”
Crypto Market Update
Considering that higher inflation tends to increase selling pressure on risk assets like Bitcoin, the October CPI report is anticipated to influence BTC’s price trajectory. Bitcoin is trading for $35,597 at time of writing, down 2.2% in the last 24 hours.
Hot Take
The outlook for Bitcoin and altcoins appears positive as Glassnode co-founders project an upward trajectory for both BTC and ETH based on technical analysis.
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