Analysis

Bitcoin Setting Up for Price Explosion if Pattern Plays Out, According to Glassnode Founders – Here’s Their Target

The co-founders of the crypto analytics agency Glassnode suppose Bitcoin (BTC) might be primed for a parabolic rise if the highest digital asset repeats a selected sample.

Glassnode co-founders Jan Happel and Yann Allemann, who share the Negentropic deal with on the social media platform X, draw attention to the quote “Historical past doesn’t repeat itself, however it usually rhymes,” which is usually attributed to Mark Twain.

Based on Happel and Allemann, Bitcoin appears to be like poised to duplicate a sample witnessed over the past two bull markets as BTC creates a bull flag within the weekly chart.

“BTC has moved to the 6.618 Fibonacci extension after a bull flag correction. We’re at present in a small correction like in late 2017 and late 2020.

Will historical past rhyme in 2024 – and BTC transfer to its 6.618 Fib extension on this bull market? That might give us a goal of ~$120,000. Time will inform!”

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Supply: Negentropic/X

Merchants use Fibonacci extensions in technical evaluation to estimate revenue targets and worth pullbacks. They’re based mostly on Fibonacci ratios.

Bitcoin is buying and selling at $40,021 at time of writing. The highest-ranked crypto asset by market cap is down about 3% prior to now 24 hours.

The Glassnode co-founders additionally appear bullish on equities.

“Development following is a robust funding technique! Ask your self: ‘Why am I bearish equities in present technical setup?’ Nasdaq has simply surpassed former all-time highs. It’s above its three-month SMA [simple moving average] and its 12-month SMA. And [its] three-month SMA is above [its] 12-month SMA.

RSI (Relative Energy Index) is at 66 (= sturdy momentum). MACD (transferring common convergence divergence) is bullish and rising. From a trend-following perspective…. why would I anticipate a crash right here?”

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The RSI measures the value momentum of an asset on a scale of 0 to 100. A degree of 30 and beneath signifies oversold situations, whereas a studying of 70 and above suggests overbought situations.

See also  Bitcoin Price Rejects $31K and Turns At Risk of Drop To $30K

In the meantime, the MACD is historically used to identify development reversals and ensure tendencies.

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