Bitcoin Indicator Backed By Founders Of Top Crypto Data Analytics Firm Predicts Bullish Trends
09 November 2023 - 7:00AM
NEWSBTC
Bitcoin (BTC) enthusiasts are keeping a close eye on the latest
market trends, and the recent insights from Glassnode’s
co-founders, Jan Happel and Yann Allemann, have stirred up a new
wave of excitement. The duo, known by their Negentropic
handle on the social media platform X, have shared some compelling
perspectives that shed light on the current dynamics of the BTC
market. Bitcoin’s market demand has outpaced its supply, a clear
sign of robust positive momentum. In just one day, a whopping
700,000 new BTC addresses joined the network. This expansion is
considered one of the most reliable indicators for price
predictions. With fewer BTC coins… pic.twitter.com/zAcgFc9LkS —
𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) November 6, 2023 Related Reading:
Exploring The Resurgence Of BNB: Unveiling The Force Behind Renewed
Interest Surging Market Demand And Supply Imbalance Happel and
Allemann’s recent observation of the surging market demand
outpacing BTC’s supply has triggered a wave of optimism among
investors. They emphasized the remarkable influx of a staggering
700,000 new BTC addresses within a single day, highlighting this
expansion as one of the most promising indicators for BTC price
predictions. As the number of BTC coins in circulation
decreases, the co-founders anticipate an upward pressure on buying
bids, potentially driving the BTC price even higher. As of now, the
current price of BTC, according to CoinGecko, stands at $35,255,
with a 2.0% gain in the last 24 hours and a 2.7% increase over the
past week. Source: Glassnode Unpredictable Shifts In Market
Dynamics A closer look at the current state of the BTC market
reveals a dynamic landscape where buyers are expected to embrace a
proactive approach, potentially entering the market without waiting
for significant dips. The co-founders’ analysis suggests that the
rapid pace at which BTC is evolving has created an environment
where investors are compelled to make timely decisions, leading to
an intensified buying spree and consequent upward pressure on the
cryptocurrency’s valuation. The recent surge in the utilization of
Bitcoin futures and options has captured the attention of both the
media and seasoned investors. Glassnode’s Happel and Allemann
speculate that this increasing demand for leverage is primarily
fueled by investors’ anticipation of two highly bullish catalysts
slated for 2024. Related Reading: Defensive Moves: XRP Bulls
Firmly Shield $0.66 Before Ripple Swell 2023 Bitcoin currently
trading at $35K level today. Chart: TradingView.com The first
catalyst revolves around the long-awaited potential for a spot BTC
Exchange-Traded Fund (ETF), a development that could significantly
boost institutional adoption and drive further demand for BTC.
Secondly, the prospect of the Bitcoin halving event has emerged as
another powerful incentive, drawing the attention of investors who
anticipate a subsequent scarcity-driven price surge. As the BTC
market continues to evolve and capture the attention of both
seasoned investors and newcomers alike, the observations and
insights shared by Glassnode’s co-founders serve as valuable
signposts, guiding market participants through the intricate maze
of cryptocurrency investments and market dynamics. The latest
developments in the world of Bitcoin point to a market in which
demand is outstripping supply, potentially setting the stage for a
bullish run. (This site’s content should not be construed as
investment advice. Investing involves risk. When you invest, your
capital is subject to risk). Featured image from Shutterstock
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