Glassnode Co-Founders Weigh In On Bitcoin (BTC) Path To $30,000
17 September 2023 - 12:20AM
NEWSBTC
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. Related Reading: Bitcoin Dominates Ethereum In Daily
Active Addresses Despite Lagging In TX Count 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. 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. Related Reading: Bye Bye Birdie:
Binance Begins Process Of Axing BUSD Stablecoin 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.
BTC trading at $26,516 on the hourly chart | Source: BTCUSD chart
on Tradingview.com Featured image from Pixabay, chart from
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