The co-founders of Glassnode, Yann Allemann and Jan Happel, recently expressed their confidence in the mid-term outlook of Bitcoin (BTC) at reaching the $35,000 mark. They refer to the macro backdrop has started to look favourable for the leading crypto by market capitalisation, as the US dollar index (DXY) has dropped below a crucial moving average. At the time of writing, Bitcoin is trading at $26,889, reflecting a 2% daily increase.
The forecasts made by the co-founders are supported by a well-known analyst, Bluntz, who holds the view that a Bitcoin correction is nearing its end. Bluntz originally suggested a BTC retracement below the $26,000 mark earlier this month, which has been met. He now stands on a more optimistic view, noting that the four-hour chart is looking "pretty decent".
The co-founders of Glassnode also refer to the options market which suggests that BTC might reach $25,800, however, they anticipate a more bullish summer as external pressures subside, and they are predicting a Fed pause towards the end of June.
It is, thus, safe to assume that both the Glassnode co-founders and Bluntz are reasonably confident that a bullish wave is forthcoming, owing to favourable market conditions, and the end of a corrective period. The short-term prospects of BTC appears to be leading to gains, as news emerges that a dip below $26K was likely to cause a wave of buying that was possibly going to push the leading cryptocurrency above its primary resistance area at $30K.
David Castillo
- 2023-05-14
BTC Could Reach $35K, Glassnode Co-Founders Say
Bitcoin (BTC) is being tipped by the co-founders of Glassnode to reach the $35,000 level in the mid-term. Furthermore, according to a well-known analyst, Bluntz, the corrective period for BTC is nearing its end. What is the outlook for BTC?
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