Glassnode Co-Founders Weigh In On Bitcoin (BTC) Path To $30,000

Must read

Pro-XRP Lawyer Criticizes SEC’s Latest Decision

Pro-XRP lawyer John E. Deaton has criticized the United States Securities and Exchange Commission’s (SEC) latest decision on Coinbase’s connection with the bankrupt...

Ripple Explains Why Enterprises Seek Its Solutions Amid Economic Uncertainty

Global businesses are confronting significant headwinds as cross-border payment volumes have rebounded to pre-pandemic levels while grappling with the looming challenges of escalating...

Trouble For Bitcoin Miners? Hashprice Falls To All-Time Lows

Data shows the Bitcoin miner “hashprice” has fallen towards all-time lows, a sign that these chain validators could be coming under pressure. Bitcoin...

Bitcoin has had an eventful week, gaining by over 5% to trade above the $26,000 price. Even following the release of the US Consumer Price Index, which showed an inflation rise of 0.6%, the premier cryptocurrency remained resilient with little to no price drops.

As BTC now hovers around the $26,500 price mark, market analysts and crypto enthusiasts continue to speculate on the token’s next movement

Notably, co-founders of market intelligence platform Glassnode Jan Happel and Yan Allemann have plotted a possible path through which Bitcoin may return to $30,000 in the coming weeks.

Bitcoin’s Road To $30,000 Marked By Double Price Barriers, Analysts Say

Through a post on their shared account on X, known as Negentropic, the Glassnode co-founders stated that Bitcoin is currently targeting a move above $27,000, having reclaimed its support at $26,000 in the past week.

According to the analysts, the Bitcoin Risk Index has now dipped into the 60s, indicating there is an ongoing shift to a positive sentiment around the asset. This means that more investors are beginning to view Bitcoin as a favorable investment.

The US Consumer Price Index (CPI) jump by 0.6% was expected to stir the BTC price, and it has.

Reclaiming support above $26k, BTC’s now eyeing a breakout past $27k, potentially exiting a multi-week range.

Risk Signal’s nosedive into the 60s signifies this attitude shift. Profit… pic.twitter.com/BgrMq5Rb62

— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) September 15, 2023

If these sentiments translate into buying pressure, Bitcoin could embark on an upward trend. However, the Glassnode co-founders predict the token will face significant resistance at $27,400 and $28,200, as traders could opt to take profit at these price levels.

However, the analysts predict BTC will eventually overcome these barriers, pushing through to the $30,000 price mark, which they described as a “psychology barrier.” 

The last time Bitcoin traded above $30,000 was back in July. Since then, the world’s largest cryptocurrency has seen its price decline by over 17% due to multiple events, most notably, the massive Bitcoin sell-off by aerospace company Space X. 

Is A Bitcoin Rally Coming?

In other news, data from Into The Block shows that Bitcoin’s transaction fees for this week were valued at $6.3 million, representing a 40% increase on the last week. 

While a rise in transaction fees could represent network congestion, which is known to drive network users away, it could also mean there is a high level of adoption. 

Furthermore, Into The Block also reported that Bitcoin recorded exchange inflows of $10 million and outflows of $70 million. 

The high level of Bitcoin being moved off exchanges indicates rising investors’ interest in the cryptocurrency, which could also translate into a notable price gain.

However, it is worth stating that these are only predictions and should not be counted as investment advice.

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

Bitcoin

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

Featured image from Pixabay, chart from Tradingview

More articles

Latest article

Pro-XRP Lawyer Criticizes SEC’s Latest Decision

Pro-XRP lawyer John E. Deaton has criticized the United States Securities and Exchange Commission’s (SEC) latest decision on Coinbase’s connection with the bankrupt...

Ripple Explains Why Enterprises Seek Its Solutions Amid Economic Uncertainty

Global businesses are confronting significant headwinds as cross-border payment volumes have rebounded to pre-pandemic levels while grappling with the looming challenges of escalating...

Trouble For Bitcoin Miners? Hashprice Falls To All-Time Lows

Data shows the Bitcoin miner “hashprice” has fallen towards all-time lows, a sign that these chain validators could be coming under pressure. Bitcoin...

Chainlink Major Momentum Change Poised To Skyrocket Prices

Sign Up for Our Newsletter! For updates and exclusive offers enter your email. ...