The co-founders of the crypto analytics platform Glassnode imagine that Bitcoin (BTC) is primed to go to uncharted territory following an prolonged consolidation interval this 12 months.
Jan Happel and Yann Allemann, who go by the deal with Negentropic, inform their 63,200 followers on the social media platform X that “the battle for $69,000 is on” for Bitcoin.
The Glassnode founders share a chart suggesting that Bitcoin has already damaged above its diagonal resistance that has saved BTC bearish since March.
In a Swissblock report, the Glassnode executives say that the breach of resistance means Bitcoin is now open to rally to its all-time excessive of $74,000 and past. Additionally they see the upcoming US presidential election as a possible catalyst that will set off Bitcoin FOMO (concern of lacking out).
“We don’t rule out {that a} Trump victory may create FOMO, however that wouldn’t be the explanation for Bitcoin’s value enhance, simply as a Harris victory may enhance danger and briefly stir FUD whereas the items are repositioned…
We are able to’t doubt Trump’s good intentions relating to Bitcoin, however on the similar time, we will’t unconditionally give the advantage of the doubt to a politician’s guarantees throughout an election marketing campaign. Regardless, if FOMO creates a ‘Trump pump,’ we definitely received’t complain.”
Donald Trump, as soon as a vocal crypto critic, has pivoted and is now staking a place as a pro-digital asset candidate. Whereas talking on the Bitcoin2024 Convention, Trump stated that he would hold the federal government from unloading its seized BTC on the open market and instruct officers to carry the trove as an funding.
Zooming in on Bitcoin, Happel and Allemann say Bitcoin’s on-chain knowledge point out that BTC is gathering bullish momentum whereas flashing a low-risk studying.
“The speedometers point out that we’re in a regime barely dominated by Bitcoin, with bullish value momentum, a studying of zero on the Bitcoin Threat Index, and fundamentals regular in a impartial zone.”
At time of writing, Bitcoin is buying and selling for $69,219, up over 1% on the day.
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