Co- founder of the cryptocurrency analytics company Glassnode thinksย that a Bitcoinย (BTC) bottom has formed, setting the stage for a big rally.
The pseudonymous cryptocurrency analyst Negentropic, one of Glassnodeโs co-founders, tells his 54,900 Twitter followers that two simple moving averages (SMAs) are showing a Bitcoinย (BTC) breakout is likely imminent.
Reportsย by the analyst, the 200-day SMA, a key indicator traders use for determining overall longstanding market trends, has remained a line of support for BTC. He reveals that the 50-day SMA is on the verge of crossing over the 200-day SMA, which indicates, accordingย to past performance, that Bitcoinย (BTC) will likely put up huge profits any moment now.
โ Bitcoinย (BTC) bottom is in. Shorts getting exhausted after failing numerous attempts to break below 200-day SMA, which is a solid support. 50-day SMA positiveย tendency crossover over 200-day SMA, itโs a matter of when Bitcoin goes off.โ
Followingย that, the cryptocurrency analyst bolsters his argument of a Bitcoinย (BTC) rally by predicting stocks are at the start of a bull. He bases his prediction on a chart from macroeconomist Henrik Zeberg showing the performance of the NASDAQ 100 E-Mini Futures.
โFull positiveย tendency chart! No technical weakness.
Nasdaq is climbing the wall of worry!
Driven by 5 main stocks for now โ but will spill over to smaller stocks soon.
Pro tip: Look for a bull flag pattern โ two rallies with a brief consolidating retracement period โ as a positiveย tendency indicator.โ
Lastly, the cryptocurrency analyst believes that the Federal Reserve will pause, not raise interest price hikes, next 30ย days after it had made a series of price hikes since aย yearย ago in an attemptย to draw down inflation.
He predicts Bitcoinย (BTC) will soar to the $35,000 price level becauseย ofย liquidity returning to the markets.
โProbability of a pause in June possiblyย likely outcome after [Federal Reserve Chair Jerome] Powellโs remarks: the danger of doing asย well much and doing asย well little is balanced. DAX (Deutscher Aktienindex, a German stock index) ATH (all-time high), SPX (S&P 500) holding over 4,190, Bitcoin at $35,000 is inevitable.โ
Bitcoinย (BTC) is trading for $27,202 atย theย momentย ofย writing, up 1.3 percent during the last 24 hours.
Generate Image: Midjourney
Shutterstock/Konstantin Faraktinov
