The co-founders of the crypto analytics platform Glassnode say Bitcoin (BTC) is at an important inflection point.
Jan Happel and Yann Allemann tell their 56,600 followers on the social media platform X that a BTC accumulation phase is underway, with a big move on the horizon.
“Navigating the Directionless.
BTC’s price resurgence finds equilibrium at $25,824, forming a potential launchpad. Multiple rejections at $25,000 reveal savvy accumulation in progress.
Yet, neither bulls nor bears show dominance; a battle at play. The why? Bullish momentum might be losing vigor.
Brace for a decisive move.”
Bitcoin is trading at $25,696 at time of writing.
In an earlier tweet, the two co-founders outlined two levels that could determine whether Bitcoin takes a bullish or bearish path moving forward.
“Mid-term outlook: Favorable risk/reward, but short-term, uncertain ($25,800 – $26,800).
– Possible downside ($23,800 – $24,800) due to bearish trend.
– Signs of bottoming: RSI bullish divergence, fading volatility.
Consider buying after dip or solid $26,800 hold to break the downward trend.”
As for the altcoin market, the Glassnode co-founders are issuing a word of caution.
“Minimize exposure to altcoins.
– Small and mid-caps show slight negative impulse and selling pressure.
– BTC, ETH [Ethereum], and large caps are in uncertain territory. A flat impulse doesn’t guarantee a strong upward move.
Safe entry for altcoins: Await BTC’s upward impulse and stability, confirm trend reversal.”
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Source: https://dailyhodl.com/2023/09/08/traders-should-brace-for-decisive-move-as-bitcoin-undergoes-savvy-accumulation-phase-glassnode-co-founders/