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Home»Analysis»Unexpected Explosive Bitcoin Rally in the Cards as BTC Leverages Hot Inflation Data: Glassnode Founders
Analysis

Unexpected Explosive Bitcoin Rally in the Cards as BTC Leverages Hot Inflation Data: Glassnode Founders

2023-09-17No Comments2 Mins Read
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Bitcoin (BTC) is preparing for a big move higher even amid higher-than-expected inflation data that came in last week, Glassnode founders say.

According to Glassnode founders Jan Happel and Yann Allemann, Bitcoin has that recovered the $26,000 level as support, and BTC’s risk signal appears to have taken a nosedive.

BTCs Risk signal is a metric from Glassnode that measures the risk level of a major price drop for Bitcoin.

Tell the founders of Glassnode,

“It was expected that the 0.6% increase in the US Consumer Price Index (CPI) would push up the BTC price, and that has happened.

BTC has reclaimed support above $26,000 and is now looking at a breakout beyond $27,000, potentially crossing a multi-week range.

Risk Signal’s nosedive in the 1960s indicates this change in mentality. The pressure for profit booking could be around $27,400 and $28,200, but this climb seems poised as a step before the $30,000 psychological barrier is addressed.”

Image
Source: Negentropical/X

Last week, the U.S. Bureau of Labor Statistics revealed that the CPI rose from 0.2% in July to 0.6% in August. Edition of the data coincided with a rise in crypto and stocks.

The founders of Glassnode, who go by the pseudonym Negentropic on the social media platform X, appear to be predicting a longer-term rally for Bitcoin to much higher prices.

The analysts share a chart suggesting that BTC has bounced out of a major bullish channel and is set to rise toward the top of the channel near $150,000, where “greed, euphoria, and FOMO (fear of missing out)” could set in.

Image
Source: Negentropic/X

At the time of writing, Bitcoin is trading at $26,538.

See also  XRP surpasses Ethereum in this large metric after 6 months

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