Bitcoin
Bitcoin Rising to $84,000: Insights from Glassnode Co-Founders
In a notable turnaround, Bitcoin (BTC) has broken out of its recent trading range, recording a 7% increase in the last 24 hours alone. The cryptocurrency tests the $66,000 resistance level, setting the stage for a potential move towards higher targets.
The latest momentum shift in Bitcoin price action has caught the attention of industry experts, especially the co-founders of on-chain analytics firm Glassnode. According to their analysis, the trigger for further disclosure of the market structure has been in preparation since the March highs.
Bitcoin explodes
The co-founders of Glassnode to believe This breakup has been a long time coming. They claim they have been waiting for the trigger to unleash a major bullish structure from the March highs when Bitcoin reached its current all-time high (ATH) of $73,700, and it appears the market has finally done so.
They believe the trigger was recent lower-than-expected US inflation figures and weakening retail sales datawhich could lead to a “more conciliatory stance” on the part of the Federal Reserve.
According to the co-founders of Glassnode, this opens the door for a more dovish stance from the Fed. They explain that Bitcoin and the market liked this and now expect the price to reach $66,000 before $69,000 and then rise to $84,000. They also believe that altcoins will strongly follow this movement.
However, not all analysts are so optimistic immediately. Crypto Trader and Analyst Justin Bennett suggests that Bitcoin needs to hold the $65,000 level as new support, warning that the $68,000 and $73,000 price levels could act as resistance and pockets of liquidity. He warns that if Bitcoin loses support at $65,000, it will be back to “chopfest” – greater consolidation and volatility.
Andrew Tate considers abandoning Fiat for BTC
In a surprising move, popular internet personality and self-proclaimed “Top G” Andrew Tate has announced his intention to abandon fiat currency and invest more than $100 million in Bitcoin. On a publish on social media platform
Tate, who has faced numerous legal troubles and been banned from several social media platforms, cited his frustrations with the traditional bank system and fiat currency as the driving force behind this potential decision.
“I’m done with the banks. I ended up with their money. No more scams,” he wrote in the post.
In a follow-up publishTate acknowledged that he has not finalized this decision as he currently holds more cryptocurrencies than fiat currency in his portfolio.
However, he hinted that he might “leave the decree altogether,” suggesting that his preference for Bitcoin and other digital assets is growing.
At press time, Bitcoin is testing the $65,900 mark, having regained its bullish momentum. It remains to be seen how far the current recovery can extend and whether the bullish momentum will be able to survive potential selling pressure at higher price levels.
Featured image from Shutterstock, chart from TradingView.com