Bitcoin Bull Run: Glassnode Co-Founder Predicts Major Move9. June 2023
• Crypto analytics firm Glassnode co-founder Negentropic predicts a Bitcoin (BTC) bull run is coming after a dip to the $25,000 level.
• He shares that Bitcoin is retesting a “neckline” and likely entering a consolidation phase before rallying upward.
• He believes price volatility will come before the rally, and notes that BTC held support at the $25,000 level when it dipped on news of the U.S. SEC against Binance.
Glassnode Co-Founder Predicts Major Move for Bitcoin
Crypto analytics firm Glassnode co-founder Negentropic predicts a Bitcoin (BTC) bull run is coming after a dip down to the $25,000 level. He believes that price volatility will come before the rally, noting that BTC held support at this level when it dipped on news of the U.S. Securities and Exchange Commission (SEC) against crypto exchange Binance.
Forming Bullish Pattern
Negentropic shares a chart showing that Bitcoin is retesting a “neckline” and likely entering a consolidation phase before rallying upward. In technical analysis, a neckline is trendline drawn below a head and shoulders pattern used as an indicator of trend reversal. Additionally, he points out open interest STABLECOIN-margined sign as potentially bullish indicator for Bitcoin’s future direction in price action.
Buy The Dips
Negentropic encourages his followers to buy during dips if prices revisit around $25,000 area due to spot demand driving this move from weak longs hoping for quick gains in the short term rather than holding positions through market fluctuations.
Short Term Outlook
The short-term outlook suggests now may be an opportune time to accumulate more BTC as major moves are on the horizon according to Negentropic’s analysis of market trends and indicators based on data gathered by Glassnode’s analytic toolsets.
Bitcoin is currently trading for $26,437 at time of writing – down 2.1% during past 24 hours – but with Negentropic’s bullish prediction investors should keep their eyes peeled for potential upcoming movements in this volatile asset class as market conditions continue to evolve over time!