The creators of one of the top on-chain analytics firms in the crypto space believe that Bitcoin (BTC) is gearing up for an explosive move to the upside.
Jan Happel and Yann Allemann say that Bitcoin is likely poised to break above the key resistance area at $30,000.
According to the Glassnode co-founders, the macro backdrop is starting to look favorable for the leading crypto by market cap.
“$25,800 still remains a possibility, as indicated by the options market.
Confident in our mid-term outlook of $35,000 as external pressures subside.
Market pricing Fed pause in June, no rate cut – optimal for the run to $35,000 for summer.
DXY (US dollar index) down, crossing below significant moving average – explosive moves ahead.”
At time of writing, Bitcoin is trading for $26,889, up nearly 2% in the last 24 hours.
Meanwhile, a popular analyst also believes that the Bitcoin correction is likely over.
Psuedonymous analyst Bluntz, who is known in the industry for calling the 2018 BTC bottom, says that Bitcoin has already met the downside target of an ABC corrective wave.
Bluntz tells his 222,900 Twitter followers that he’s now flipped bullish on BTC.
“Actually don’t mind BTC here. It’s come pretty much where i had initially wanted in original post.
Weekly on DXY a bit worrisome so not actually sure how long I’ll hold for yet but that four-hour (chart) looking pretty decent.”
Late last month when Bitcoin was trading close to $30,000, Bluntz predicted that BTC could retrace below $26,000 as it was showing early signs of an ABC corrective move.
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