Glassnode Founders Predict Bitcoin (BTC) Ready for Bull Run with Strong Support

Glassnode Founders Predict Bitcoin (BTC) Ready for Bull Run with Strong Support


Glassnode co-founder predicts Bitcoin rally as two simple moving averages show breakout is imminent, and predicts Bitcoin will soar to $35,000 as liquidity returns to the markets due to the Federal Reserve’s pause on interest rate hikes.

Co- founder of the cryptocurrency analytics company Glassnode thinks that a Bitcoin (BTC) bottom has formed, setting the stage for a big rally.

The pseudonymous cryptocurrency analyst Negentropic, one of Glassnode’s co-founders, tells his 54,900 Twitter followers that two simple moving averages (SMAs) are showing a Bitcoin (BTC) breakout is likely imminent.

Reports 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, according to past performance, that Bitcoin (BTC) will likely put up huge profits any moment now.

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“ Bitcoin (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 positive  tendency crossover over 200-day SMA, it’s a matter of when Bitcoin goes off.”

Following that, the cryptocurrency analyst bolsters his argument of a Bitcoin (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.

“Full positive  tendency chart! No technical weakness.

Nasdaq is climbing the wall of worry!

Driven by 5 main stocks for now – but will spill over to smaller stocks soon.

Pro tip: Look for a bull flag pattern – two rallies with a brief consolidating retracement period – as a positive  tendency indicator.”

Image
Source: Negentropic/Twitter

Lastly, the cryptocurrency analyst believes that the Federal Reserve will pause, not raise interest price hikes, next 30 days after it had made a series of price hikes since a year ago in an attempt to draw down inflation.

He predicts Bitcoin (BTC) will soar to the $35,000 price level because of  liquidity returning to the markets.

“Probability of a pause in June possibly likely outcome after [Federal Reserve Chair Jerome] Powell’s remarks: the danger of doing as well much and doing as 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.”

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Source: Negentropic/Twitter

Bitcoin (BTC) is trading for $27,202 at the moment of writing, up 1.3 percent during the last 24 hours.

Generate Image: Midjourney
Shutterstock/Konstantin Faraktinov



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