Bitcoin Indicator Signals Bullish Moves
The co-founders of a leading crypto data analytics firm believe that a dependable Bitcoin (BTC) indicator is indicating bullish movements for BTC.
Glassnode co-founders Jan Happel and Yann Allemann, who share the Negentropic handle on the social media platform X, shared with their followers that BTC’s market demand is surpassing its supply. Additionally, the Bitcoin network recently saw 700,000 new addresses created in just one day, which the analysts say is one of the top indicators for future price movements.
In their analysis, the co-founders suggest that as BTC continues to gain momentum, buyers will need to increase their bids, potentially driving up the price of BTC.
BTC is currently valued at $34,675. According to the Glassnode co-founders, decentralized finance (DeFi) and layer-1 tokens are making a comeback and showing potential for elevated gains against Bitcoin’s stability.
Hot Take
According to Glassnode co-founders, a reliable Bitcoin indicator is signaling bullish moves for BTC as market demand outpaces supply and 700,000 new addresses join the network in one day. The increased momentum may drive up the price of BTC. Additionally, DeFi and layer-1 tokens are showing potential for elevated gains against Bitcoin’s stability.
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