The co-founders of the crypto analytics platform Glassnode believe that Bitcoin (BTC) is primed to head to uncharted territory following an extended consolidation period this year.
Jan Happel and Yann Allemann, who go by the handle Negentropic, tell their 63,200 followers on the social media platform X that “the battle for $69,000 is on” for Bitcoin.
The Glassnode founders share a chart suggesting that Bitcoin has already broken above its diagonal resistance that has kept BTC bearish since March.
In a Swissblock report, the Glassnode executives say that the breach of resistance means Bitcoin is now open to rally to its all-time high of $74,000 and beyond. They also see the upcoming US presidential election as a potential catalyst that may trigger Bitcoin FOMO (fear of missing out).
“We don’t rule out that a Trump victory could create FOMO, but that wouldn’t be the reason for Bitcoin’s price increase, just as a Harris victory could increase risk and temporarily stir FUD while the pieces are repositioned…
We can’t doubt Trump’s good intentions regarding Bitcoin, but at the same time, we can’t unconditionally give the benefit of the doubt to a politician’s promises during an election campaign. Regardless, if FOMO creates a ‘Trump pump,’ we certainly won’t complain.”
Donald Trump, once a vocal crypto critic, has pivoted and is now staking a position as a pro-digital asset candidate. While speaking at the Bitcoin2024 Conference, Trump said that he would keep the government from unloading its seized BTC on the open market and instruct officials to hold the trove as an investment.
Zooming in on Bitcoin, Happel and Allemann say Bitcoin’s on-chain data indicate that BTC is gathering bullish momentum while flashing a low-risk reading.
“The speedometers indicate that we are in a regime slightly dominated by Bitcoin, with bullish price momentum, a reading of zero on the Bitcoin Risk Index, and fundamentals steady in a neutral zone.”
At time of writing, Bitcoin is trading for $69,219, up over 1% on the day.
Generated Image: Midjourney