Bitcoin’s Next Move: Is $30,000 Just Around The Corner? Glassnode Founder Predicts

As Bitcoin teases the psychological barrier of $30,000, enthusiasts and analysts appear to be closely watching every price movement. The general sentiment so far seems to be not a question of ‘if’ but ‘when’ BTC will make its way past this significant mark.

Glassnode founder, aptly named “Negentropic”, recently shed some light on Bitcoin’s current price action via a post on X (formerly known as Twitter). The analyst observed that the top cryptocurrency remains comfortably perched above the 100-hourly SMA, consistently maintaining its price above the $28,000 range.

Bitcoin Potential Upward Trajectory

Diving deeper into the specifics, Negentropic pinpointed an immediate resistance for Bitcoin at $28,550. This is the threshold that the analyst believes could act as a catalyst for further price movements.

According to Negentropic, if Bitcoin breaches this resistance and pushes past the $29,500 mark, it’s almost certain that the top crypto will set its sights on the coveted $30,000 level. Going by the momentum, it’s not unrealistic to even anticipate a peak of around $30,650, the analyst concluded.

However, price isn’t the only metric painting a bullish picture for Bitcoin. In another post on X that sparked considerable interest, on-chain analytics firm Santiment disclosed that the number of Bitcoin wallets holding a minimum of 100 BTC has surged significantly, reaching 15,970.

His statistic often signifies increased confidence among larger investors, suggesting that the ecosystem’s key players are anticipating a continued upward trajectory for BTC.

BTC Latest Price Action

Recently, Bitcoin’s price has exhibited a bullish trend. Over the past week, the asset has surged by 7.5%. This uptick has propelled BTC to trade above the $28,500 threshold, currently priced at $28,698, marking a 1.2% increase in the last 24 hours.

From the analysis provided by Negentropic, BTC seems to have decisively breached its resistance at $28,550. This break could signify an imminent upward rally, based on insights from the Glassnode founder.

Another expert, Ali Martinez, recently pointed out the significance of the $25,000 and $30,000 price ranges in BTC’s trajectory. According to Martinez, these are “crucial demand bucket(s) in BTC history,” marking the entry points of institutional giants like MicroStrategy and Tesla into the Bitcoin arena.

Featured image from Unsplash, Chart from TradingView