The co-founders of crypto analytics platform Glassnode believe that Bitcoin (BTC) is ready to enter uncharted territory after an extended consolidation period this year.
Jan Happel and Yann Allemann, who use Negentropic, narrate their 63,200 followers on the social media platform X that “the battle for $69,000 has begun” for Bitcoin.
The founders of Glassnode share a chart indicating that Bitcoin has already broken above its diagonal resistance that has kept BTC bearish since March.
In a Swissblock report, Glassnode executives say the break in the resistance means Bitcoin is now open to a rally to all-time highs of $74,000 and higher. They also see the upcoming US presidential election as a potential catalyst that could cause Bitcoin FOMO (fear of missing out).
“We don’t rule out that a Trump win could trigger FOMO, but that wouldn’t be the reason for Bitcoin’s price rise, just as a Harris win could increase risk and temporarily fuel FUD while the pieces are repositioned …
We cannot doubt Trump’s good intentions regarding Bitcoin, but at the same time we cannot unconditionally give the benefit of the doubt to the promises of a politician during an election campaign. Either way, if FOMO creates a ‘Trump pump’, we certainly won’t complain.”
Donald Trump, once an outspoken crypto critic, has turned heel and is now taking a position as a pro-digital asset candidate. Speaking at the Bitcoin2024 conference, Trump said he would stop the government from putting the seized BTC on the open market and direct officials to keep the treasure as an investment.
Zooming in on Bitcoin, Happel and Allemann say that Bitcoin’s on-chain data indicates that BTC is gathering bullish momentum while remaining at low risk.
“The speedometers indicate that we are in a regime somewhat dominated by Bitcoin, with bullish price momentum, a zero reading on the Bitcoin Risk Index and a stable fundamental situation in a neutral zone.”
At the time of writing, Bitcoin is trading at $69,219, up more than 1% on the day.
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Generated image: Midjourney