{"id":29726,"date":"2023-09-16T14:52:48","date_gmt":"2023-09-16T18:52:48","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=29726"},"modified":"2023-09-16T14:52:48","modified_gmt":"2023-09-16T18:52:48","slug":"glassnode-co-founders-weigh-in-on-bitcoin-btc-path-to-30000","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/09\/16\/glassnode-co-founders-weigh-in-on-bitcoin-btc-path-to-30000\/","title":{"rendered":"Glassnode Co-Founders Weigh In On Bitcoin (BTC) Path To $30,000"},"content":{"rendered":"

Bitcoin has had an eventful week, gaining by over 5% to trade above the $26,000 price. Even following the release of the US Consumer Price Index<\/a>, which showed an inflation rise of 0.6%, the premier cryptocurrency remained resilient with little to no price drops.<\/p>\n

As BTC now hovers around the $26,500 price mark, market analysts<\/a> and crypto enthusiasts continue to speculate on the token\u2019s next movement<\/a>.\u00a0<\/p>\n

Notably, co-founders of market intelligence platform Glassnode Jan Happel and Yan Allemann have plotted a possible path through which Bitcoin may return to $30,000 in the coming weeks.<\/p>\n

Bitcoin\u2019s Road To $30,000 Marked By Double Price Barriers, Analysts Say<\/strong><\/h2>\n

Through a post<\/a> on their shared account on X, known as Negentropic, the Glassnode co-founders stated that Bitcoin is currently targeting a move above $27,000, having reclaimed its support at $26,000 in the past week.<\/p>\n

According to the analysts, the Bitcoin Risk Index has now dipped into the 60s, indicating there is an ongoing shift to a positive sentiment around the asset. This means that more investors are beginning to view Bitcoin as a favorable investment.<\/p>\n

The US Consumer Price Index (CPI) jump by 0.6% was expected to stir the BTC price, and it has.<\/p>\n

Reclaiming support above $26k, BTC’s now eyeing a breakout past $27k, potentially exiting a multi-week range.<\/p>\n

Risk Signal’s nosedive into the 60s signifies this attitude shift. Profit\u2026 pic.twitter.com\/BgrMq5Rb62<\/a><\/p>\n

\u2014 \ud835\udde1\ud835\uddf2\ud835\uddf4\ud835\uddf2\ud835\uddfb\ud835\ude01\ud835\uddff\ud835\uddfc\ud835\uddfd\ud835\uddf6\ud835\uddf0 (@Negentropic_) September 15, 2023<\/a><\/p>\n\n

If these sentiments translate into buying pressure, Bitcoin could embark on an upward trend. However, the Glassnode co-founders predict the token will face significant resistance at $27,400 and $28,200, as traders could opt to take profit at these price levels.<\/p>\n

However, the analysts predict BTC will eventually overcome these barriers, pushing through to the $30,000 price mark, which they described as a \u201cpsychology barrier.\u201d\u00a0<\/p>\n

The last time Bitcoin traded above $30,000 was back in July. Since then, the world\u2019s largest cryptocurrency has seen its price decline by over 17% due to multiple events, most notably, the massive Bitcoin sell-off <\/a>by aerospace company Space X.\u00a0<\/p>\n

Is A Bitcoin Rally Coming?<\/strong><\/h2>\n

In other news, data from Into The Block<\/a> shows that Bitcoin\u2019s transaction fees for this week were valued at $6.3 million, representing a 40% increase on the last week.\u00a0<\/p>\n

While a rise in transaction fees could represent network congestion, which is known to drive network users away, it could also mean there is a high level of adoption.\u00a0<\/p>\n

Furthermore, Into The Block also reported that Bitcoin recorded exchange inflows of $10 million and outflows of $70 million.\u00a0<\/p>\n

The high level of Bitcoin being moved off exchanges indicates rising investors\u2019 interest in the cryptocurrency, which could also translate into a notable price gain.<\/p>\n

However, it is worth stating that these are only predictions and should not be counted as investment advice.<\/p>\n

At the time of writing, Bitcoin trades at $$26,537 with a 0.33% loss in the last day based on data from CoinMarketCap.<\/a> The token\u2019s daily trading volume is also down 12.86% and valued at $11.25 billion.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin has had an eventful week, gaining by over 5% to trade above the $26,000 price. Even following the release of the US Consumer Price Index<\/a>, which showed an inflation rise of 0.6%, the premier cryptocurrency remained resilient with little to no price drops.<\/p>\n

As BTC now hovers around the $26,500 price mark, market analysts<\/a> and crypto enthusiasts continue to speculate on the token\u2019s next movement<\/a>.\u00a0<\/p>\n

Notably, co-founders of market intelligence platform Glassnode Jan Happel and Yan Allemann have plotted a possible path through which Bitcoin may return to $30,000 in the coming weeks.<\/p>\n

Bitcoin\u2019s Road To $30,000 Marked By Double Price Barriers, Analysts Say<\/strong><\/h2>\n

Through a post<\/a> on their shared account on X, known as Negentropic, the Glassnode co-founders stated that Bitcoin is currently targeting a move above $27,000, having reclaimed its support at $26,000 in the past week.<\/p>\n

According to the analysts, the Bitcoin Risk Index has now dipped into the 60s, indicating there is an ongoing shift to a positive sentiment around the asset. This means that more investors are beginning to view Bitcoin as a favorable investment.<\/p>\n

The US Consumer Price Index (CPI) jump by 0.6% was expected to stir the BTC price, and it has.<\/p>\n

Reclaiming support above $26k, BTC’s now eyeing a breakout past $27k, potentially exiting a multi-week range.<\/p>\n

Risk Signal’s nosedive into the 60s signifies this attitude shift. Profit\u2026 pic.twitter.com\/BgrMq5Rb62<\/a><\/p>\n

\u2014 \ud835\udde1\ud835\uddf2\ud835\uddf4\ud835\uddf2\ud835\uddfb\ud835\ude01\ud835\uddff\ud835\uddfc\ud835\uddfd\ud835\uddf6\ud835\uddf0 (@Negentropic_) September 15, 2023<\/a><\/p>\n

If these sentiments translate into buying pressure, Bitcoin could embark on an upward trend. However, the Glassnode co-founders predict the token will face significant resistance at $27,400 and $28,200, as traders could opt to take profit at these price levels.<\/p>\n

However, the analysts predict BTC will eventually overcome these barriers, pushing through to the $30,000 price mark, which they described as a \u201cpsychology barrier.\u201d\u00a0<\/p>\n

The last time Bitcoin traded above $30,000 was back in July. Since then, the world\u2019s largest cryptocurrency has seen its price decline by over 17% due to multiple events, most notably, the massive Bitcoin sell-off <\/a>by aerospace company Space X.\u00a0<\/p>\n

Is A Bitcoin Rally Coming?<\/strong><\/h2>\n

In other news, data from Into The Block<\/a> shows that Bitcoin\u2019s transaction fees for this week were valued at $6.3 million, representing a 40% increase on the last week.\u00a0<\/p>\n

While a rise in transaction fees could represent network congestion, which is known to drive network users away, it could also mean there is a high level of adoption.\u00a0<\/p>\n

Furthermore, Into The Block also reported that Bitcoin recorded exchange inflows of $10 million and outflows of $70 million.\u00a0<\/p>\n

The high level of Bitcoin being moved off exchanges indicates rising investors\u2019 interest in the cryptocurrency, which could also translate into a notable price gain.<\/p>\n

However, it is worth stating that these are only predictions and should not be counted as investment advice.<\/p>\n

At the time of writing, Bitcoin trades at $$26,537 with a 0.33% loss in the last day based on data from CoinMarketCap.<\/a> The token\u2019s daily trading volume is also down 12.86% and valued at $11.25 billion.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-29726","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/29726","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=29726"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/29726\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=29726"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=29726"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=29726"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}