One Catalyst Could Trigger the Next Upward Move for Bitcoin, Predicts Glassnode Co-Founders
The co-founders of the crypto analytics platform Glassnode are forecasting that one catalyst could kickstart Bitcoin’s (BTC) next rally.
Glassnode co-founders Jan Happel and Yann Allemann, who share the Negentropic handle, tell their 55,900 X followers that if the Relative Strength Index (RSI) indicator falls below 37, it could trigger a BTC rally.
The RSI indicator scales from 0 to 100. A reading of below 30 is typically considered bullish while a reading of over 70 is typically considered to be a bearish sign.
According to the Glassnode co-founders, there are potential buyers waiting below and around the $28,500 support level.
“Bitcoin’s potential retest of $28,500 bottom indicated by RSI.
– Bears holding sway with RSI between 37-50.
– Sub-37 RSI could trigger a strong reversal.
– Demand shows up between $28,500 – $27,800.
Is this the catalyst for the next upward move?”
Bitcoin is trading at $29,508 at time of writing.
Turning to altcoins, the Glassnode co-founders say that unless a “surprise catalyst” comes up, altcoins are only likely to rally after summer as they struggle amid a dip in Bitcoin’s price.
“Despite BTC’s bullish move past $30,000 this week, will it continue?
Altcoins struggle, except for standouts like Solana (SOL), Toncoin (TON), and Hedera (HBAR), showing gains of 6% to 9% overnight.
As BTC dips, altcoins feel the pressure.
Unless a surprise catalyst emerges, we’re waiting for that strong push, possibly post-summer.”
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post One Catalyst Could Trigger the Next Upward Move for Bitcoin, Predicts Glassnode Co-Founders appeared first on The Daily Hodl.
Go to Source
Author: Daily Hodl Staff
