HomeBITCOINCo-Founders of Glassnode Share Insights on Bitcoin (BTC) Reaching $30,000

Co-Founders of Glassnode Share Insights on Bitcoin (BTC) Reaching $30,000

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Bitcoin’s Price Surges Above $26,000 as Analysts Predict a Path to $30,000

Bitcoin has experienced an eventful week, with its price surging by over 5% to trade above $26,000. Even after the release of the US Consumer Price Index, which indicated a 0.6% inflation rise, the leading cryptocurrency remained resilient, showing minimal price drops.

Currently hovering around the $26,500 mark, market analysts and crypto enthusiasts are speculating on Bitcoin’s next move.

Jan Happel and Yan Allemann, co-founders of market intelligence platform Glassnode, have outlined a potential path for Bitcoin to reach $30,000 in the upcoming weeks.

Analysts Identify Double Price Barriers on Bitcoin’s Road to $30,000

In a post on their shared Twitter account Negentropic, Glassnode’s co-founders stated that Bitcoin’s current target is surpassing $27,000, having reclaimed its support at $26,000 during the past week.

The analysts pointed out that the Bitcoin Risk Index has dropped into the 60s, indicating a positive sentiment shift surrounding the asset. This suggests that more investors view Bitcoin as a favorable investment.

The US Consumer Price Index (CPI) jump of 0.6% was expected to affect the BTC price, and it did. Rebounding above $26,000, Bitcoin is now aiming to break past $27,000, potentially exiting a multi-week range.

The nosedive of the Risk Signal into the 60s signifies this change in sentiment. Profit…pic.twitter.com/BgrMq5Rb62

— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) September 15, 2023

If these sentiments translate into buying pressure, Bitcoin could start an upward trend. However, the Glassnode co-founders anticipate significant resistance at $27,400 and $28,200, as traders may choose to take profits at these levels.

Nevertheless, the analysts predict that BTC will eventually overcome these barriers and reach the “psychology barrier” of $30,000.

The last time Bitcoin traded above $30,000 was in July, and since then, the cryptocurrency has seen a price decline of over 17% due to various events, including the significant Bitcoin sell-off by aerospace company Space X.

Is a Bitcoin Rally on the Horizon?

In other news, data from Into The Block reveals that Bitcoin’s transaction fees for this week amounted to $6.3 million, a 40% increase from the previous week. While this rise could indicate network congestion driving users away, it could also signify a high level of adoption.

Additionally, Into The Block reported $10 million in exchange inflows and $70 million in outflows for Bitcoin. The substantial movement of Bitcoin off exchanges indicates increasing investor interest in the cryptocurrency, potentially leading to significant price gains.

However, it is important to note that these are only predictions and should not be considered as investment advice.

At the time of writing, Bitcoin is trading at $26,537 with a 0.33% loss in the last day, based on data from CoinMarketCap. The daily trading volume for the token has also decreased by 12.86% and is valued at $11.25 billion.

BTC trading at $26,516 on the hourly chart | Source: BTCUSD chart on Tradingview.com

Featured image from Pixabay, chart from Tradingview

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