The co-founders of cryptocurrency analysis platform Glassnode believe Bitcoin (BTC) is ready to head into uncharted territory after a long period of consolidation this year.
Jan Happel and Jan Aleman, who go by the handles Negentropic, told their 63,200 followers on social media platform X that “the battle for $69,000 has begun” over Bitcoin. Ta.
Glassnode founders have shared a chart that suggests Bitcoin has already broken above the diagonal resistance that has kept Bitcoin bearish since March.
In a Swissblock report, Glassnode executives said the break through resistance means Bitcoin could rise to an all-time high of over $74,000. They also see the upcoming US presidential election as a potential catalyst that could cause Bitcoin FOMO (fear of missing out).
“While a Trump victory does not rule out the possibility of FOMO, it will not be the reason for the rise in Bitcoin prices. Harris’ victory increases the risk and while the pieces change position. Just like it could temporarily fuel FUD…
While we cannot doubt President Trump's good intentions regarding Bitcoin, we also cannot give unconditional benefits to politicians' campaign promises. In any case, we definitely won't complain if FOMO creates a “Trump pump.” ”
Donald Trump was once a vocal critic of cryptocurrencies, but he has now changed his stance and positioned himself as a pro-digital asset candidate. During a speech at the Bitcoin2024 conference, President Trump said he would prevent government-seized BTC from being released onto the open market and would instruct authorities to hold Bitcoin as an investment.
Focusing on Bitcoin, Happel and Aleman said that Bitcoin's on-chain data shows that BTC is gaining bullish momentum with low-risk numbers.
“The speedometer shows that we are in a slightly Bitcoin-dominated regime. Price momentum is bullish, the Bitcoin Risk Index is zero, and fundamentals are stable in the neutral zone. Masu.”
At the time of writing, Bitcoin was trading at $69,219, up more than 1% on the day.
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