Bitcoin (BTC) About To Take Off After Forming Solid Support, According to Glassnode Founders
Co-founder of the crypto analytics firm Glassnode believes that a Bitcoin (BTC) bottom has formed, setting the stage for a big rally.
The pseudonymous crypto analyst Negentropic, one of Glassnode’s co-founders, tells his 54,900 Twitter followers that two simple moving averages (SMAs) are showing a Bitcoin breakout is likely imminent.
According to the analyst, the 200-day SMA, a key indicator traders use for determining overall long-term market trends, has remained a line of support for BTC. He says that the 50-day SMA is on the verge of crossing over the 200-day SMA, which indicates, based on past performance, that Bitcoin will likely put up huge gains any moment now.
“Bitcoin bottom is in. Shorts getting exhausted after failing numerous attempts to break below 200-day SMA, which is a solid support. 50-day SMA bullish crossover over 200-day SMA, it’s a matter of when BTC goes off.”
Next, the crypto analyst bolsters his argument of a Bitcoin rally by predicting stocks are at the start of a bull. He bases his prediction on a chart from macroeconomist Henrik Zeberg showing the performance of the NASDAQ 100 E-Mini Futures.
“Full bullish chart! No technical weakness.
Nasdaq is climbing the wall of worry!
Driven by five main stocks for now – but will spill over to smaller stocks soon.
Pro tip: Look for a bull flag pattern – two rallies with a brief consolidating retracement period – as a bullish indicator.”
Lastly, the crypto analyst believes that the Federal Reserve will pause, not raise interest rate hikes, next month after it had made a series of rate hikes since last year in an effort to draw down inflation.
He predicts Bitcoin will soar to the $35,000 price level as a result of liquidity returning to the markets.
“Probability of a pause in June most likely outcome after [Federal Reserve Chair Jerome] Powell’s remarks: the risk of doing too much and doing too little is balanced. DAX (Deutscher Aktienindex, a German stock index) ATH (all-time high), SPX (S&P 500) holding above 4,190, BTC at $35,000 is inevitable.”
Bitcoin is trading for $27,202 at time of writing, up 1.3% during the last 24 hours.
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Author: Daily Hodl Staff
