The founders of analytics platform Glassnode say Bitcoin (BTC) has the potential to suddenly surge to a cycle top of $256,000.
Glassnode co-founders Jan Happel and Yann Allemann share the Negentropic handle on social media platform X. To tell Bitcoin could soar more than 278% from its current price before reversing in a blowout scenario.
“How should I study BTC? If I look at BTC on a regular chart, the blow-off top target seems to be ~$112,000. However, if I look at BTC on a logarithmic chart, the target is ~$250,000. Still, we are noticing a long-term disconnect. There is an end date to the gathering.”
A blow-off top involves a dramatic increase in price and quantity up to a point, followed by an equally dramatic decrease.
Analysts also believe Despite the recent decline, Bitcoin continues to trend upwards. They suggest that Bitcoin could correct to around $60,000 in the near term before continuing its upward trend.
“Momentum: A brief dip into the negative before a positive rebound. Despite the correction, the overall trend remains bullish. Traders are focused on the large support near $60,000, and the market is Potential buying interest is expected in the event of a pullback. Looking at Swissblock's 'BTC Momentum Chart', it briefly fell into negative territory before returning to positive territory. ”
At the time of writing, Bitcoin was trading at $66,104, up 1.5% in the past 24 hours.
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