Bitcoinย (BTC) Reaches a Critical Point: Glassnode Co-Founders Analyze the Market
According to Glassnode co-founders, Jan Happel and Yann Allemann, Bitcoinย (BTC) is asย ofย now at a critical turning point. They believe that the digitalย currency is asย ofย now in an accumulation phase, with a wholeย lotย of move on the horizon.
Bitcoinโs price has found stability at $25,824, indicating a probable launchpad for future movements. Multiple rejections at the $25,000 level suggest that smart investors are accumulating Bitcoin.
Nonetheless, neither the bulls nor bears have shown dominance, indicating a battle for control. The reason for this mayย be a loss of positiveย trend momentum.
Prepare yourself for an imminent and decisive move in the market.
Short-Term Outlook: Uncertainty and Probable for Bullish or Bearish Trends
Jan Happel and Yann Allemann have outlined two levels that may determine Bitcoinโs 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.
Nonetheless, there are indicationsย of bottoming, such as a positiveย trend divergence in the RSI indicator and decreasing volatility. Consider buying after a dip or if Bitcoinย (BTC) holds strong at $26,800 to break the downward trend.
Caution Advised for Altcoin Market
The Glassnode co-founders urge caution inย theย caseย of altcoins. Small and mid-cap altcoins are showing slight negative momentum and selling pressure. The larger digitalย currencies like Bitcoinย (BTC) and Ethereumย (ETH) are likewise in uncertain territory, as a flat market does not guarantee a strong upward movement.
If youโre considering entering the altcoin market, wait for Bitcoinโs upward momentum and stability before confirming a trend reversal.
Hot Take: Stay Notified and Exercise Caution
As Bitcoinย (BTC) undergoes an accumulation phase, itโs criticalย to stay notified about market trends and probable moves. Keep an eye on Bitcoinโs price action and follow reputable sources on social media platforms like Twitter and Facebook. Exercise caution when considering altcoins and make notified decisions based on market indicators.
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