Bitcoin has had an eventful week, gaining more than 5% to trade above the $26,000 price. Even after the release of the US Consumer Price Index, which showed a 0.6% increase in inflation, the major cryptocurrency remained resilient with little to no price declines.
While BTC is now hovering around the price of $26,500, market analysts and crypto enthusiasts continue to speculate on the token’s next move.
In particular, market intelligence platform Glassnode co-founders Jan Happel and Yan Allemann have laid out a possible path through which Bitcoin could return to $30,000 in the coming weeks.
Bitcoin’s path to $30,000 will be marked by dual price barriers, analysts say
Via a after On their shared account on
According to the analysts, the Bitcoin Risk Index has now dipped into the 60s, indicating a continued shift towards positive sentiment around the asset. This means that more investors are starting to see Bitcoin as a beneficial investment.
The 0.6% increase in the US Consumer Price Index (CPI) was expected to push up the BTC price, and that has happened.
BTC has regained support above $26,000 and is now eyeing a breakout past $27,000, potentially leaving a multi-week range.
Risk Signal’s nosedive in the 1960s indicates this change in mentality. Gain… pic.twitter.com/BgrMq5Rb62
— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) September 15, 2023
If these sentiments translate into buying pressure, Bitcoin could begin an uptrend. However, Glassnode co-founders predict that the token will face significant resistance at $27,400 and $28,200 as traders could opt to take profits at these price levels.
However, the analysts predict that BTC will eventually overcome these barriers and break through to the $30,000 price point, which they describe as a “psychological barrier.”
The last time Bitcoin traded above $30,000 was in July. Since then, the world’s largest cryptocurrency has seen its price fall by more than 17% due to multiple events, most notably the massive sell-off of Bitcoin by space company Space
Is there a Bitcoin rally coming?
In other news, data from Into The Block shows that Bitcoin transaction fees for this week were valued at $6.3 million, marking a 40% increase from the past week.
While an increase in transaction fees could indicate network congestion, which is known to drive away network users, it could also mean high adoption rates.
Furthermore, Into The Block also reported that Bitcoin recorded an inflow of $10 million and an outflow of $70 million.
The high level of Bitcoin delistings from exchanges indicates increasing investor interest in the cryptocurrency, which could also translate into notable price gains.
However, it is worth noting that these are just predictions and should not be considered investment advice.
At the time of writing, Bitcoin is trading at $26,537 with a loss of 0.33% on the last day, based on data from CoinMarketCap. The token’s daily trading volume has also fallen by 12.86% and is valued at $11.25 billion.
BTC trading at $26,516 on the hourly chart | Source: BTCUSD chart on Tradingview.com
Featured image from Pixabay, chart from Tradingview
