Glassnode Co-Founders Say Confident of Explosive Bitcoin Moves, Predict Pause in Fed Rate Hike in One Month
The creators of one of the best on-chain research firms in the crypto space believe that Bitcoin (BTC) is preparing for an explosive move to the upside.
Jan Happel and Yann Allemann say that Bitcoin is likely poised to break above the key $30,000 resistance area.
According to the Glassnode founders, the macro backdrop is starting to look favorable for the leading crypto by market cap.
“$25,800 is still a possibility, as suggested by the options market.
Confident in our mid-term outlook of $35,000 as external pressures ease.
Market pricing Fed pause in June, no rate cut – optimal for the rise to $35,000 for the summer.
DXY (US dollar index) down, crosses below significant moving average – explosive moves ahead.”
At the time of writing, Bitcoin is trading at $26,889, up almost 2% in the last 24 hours.
Meanwhile, a popular analyst also believes that the Bitcoin correction is likely over.
Pseudonymous analyst Bluntz, who is known in the industry for calling 2018 the BTC bottom, says that Bitcoin has already met the downside target of an ABC corrective wave.
Bluntz tells his 222,900 Twitter followers that he has now turned bullish on BTC.
“Actually don’t mind BTC here. It’s gotten pretty much where I first wanted in the original post.
The weekly on the DXY is a bit of a concern, so I’m not sure how long I want to hold on yet, but the four-hour (chart) looks pretty decent.”
Late last month when Bitcoin was trading near $30,000, Bluntz predicted that BTC could retrace below $26,000 as it showed early signs of an ABC corrective move.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered straight to your inbox
Check price action
Follow us on TwitterFacebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Yurchanka Siarhei/Panuwatccn
