Bitcoin Reaches a Critical Point: Glassnode Co-Founders Analyze the Market
According to Glassnode co-founders, Jan Happel and Yann Allemann, Bitcoin is currently at a crucial turning point. They believe that the cryptocurrency is currently in an accumulation phase, with a significant move on the horizon.
Navigating the Directionless: BTC Forms a Potential Launchpad
Bitcoin’s price has found stability at $25,824, indicating a potential launchpad for future movements. Multiple rejections at the $25,000 level suggest that smart investors are accumulating Bitcoin.
However, neither the bulls nor bears have shown dominance, indicating a battle for control. The reason for this could be a loss of bullish momentum.
Prepare yourself for an imminent and decisive move in the market.
Short-Term Outlook: Uncertainty and Potential for Bullish or Bearish Trends
Jan Happel and Yann Allemann have outlined two levels that may determine Bitcoin’s future path. In the short term, the market is uncertain, with a range of $25,800 to $26,800. A bearish trend could lead to a downside range of $23,800 to $24,800.
However, there are signs of bottoming, such as a bullish divergence in the RSI indicator and decreasing volatility. Consider buying after a dip or if Bitcoin holds strong at $26,800 to break the downward trend.
Caution Advised for Altcoin Market
The Glassnode co-founders urge caution when it comes to altcoins. Small and mid-cap altcoins are showing slight negative momentum and selling pressure. The larger cryptocurrencies like Bitcoin and Ethereum are also in uncertain territory, as a flat market does not guarantee a strong upward movement.
If you’re considering entering the altcoin market, wait for Bitcoin’s upward momentum and stability before confirming a trend reversal.
Hot Take: Stay Informed and Exercise Caution
As Bitcoin undergoes an accumulation phase, it’s important to stay informed about market trends and potential moves. Keep an eye on Bitcoin’s price action and follow reputable sources on social media platforms like Twitter and Facebook. Exercise caution when considering altcoins and make informed decisions based on market indicators.
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