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.
“ 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.”