The co-founders of Glassnode, Jan Happel and Yann Allemann, also known as Negentropic, are optimistic about Bitcoin’s future. They believe that Bitcoin is poised to reach new heights after a period of consolidation this year. According to Negentropic, the battle for $69,000 is on for Bitcoin, and they suggest that the cryptocurrency has already broken above its diagonal resistance that has been keeping it bearish since March.
In a recent report by Swissblock, the Glassnode executives predict that Bitcoin could rally to its all-time high of $74,000 and beyond following the breach of resistance. They also view the upcoming US presidential election as a potential catalyst for Bitcoin FOMO (fear of missing out). While they acknowledge that a Trump victory could create FOMO, they believe that it wouldn’t be the sole reason for Bitcoin’s price increase. They also highlight Trump’s shift towards a pro-digital asset stance, as he recently stated that he would prevent the government from selling seized BTC on the open market.
Looking at Bitcoin’s on-chain data, Happel and Allemann note that BTC is showing bullish momentum and a low-risk reading. They emphasize that Bitcoin is currently in a regime dominated by bullish price momentum, with fundamentals remaining steady in a neutral zone.
As of the time of writing, Bitcoin is trading at $69,219, showing a 1% increase for the day. The Glassnode co-founders remain bullish on Bitcoin’s prospects and encourage investors to stay tuned for further developments.
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The generated image accompanying this article is credited to Midjourney.