HomeBitcoinA Major Move Is Coming For Bitcoin (BTC) As The Market Forms...

A Major Move Is Coming For Bitcoin (BTC) As The Market Forms A Bullish Pattern: Glassnode Co-Founder


The co-founder of a cryptanalysis company, Glassnode, says that Bitcoin (BTC) is preparing for a bull run after a crash.

Pseudonymous cryptanalyst Negentropic, one of the co-founders of Glassnode, says his 55,200 Twitter followers that after Bitcoin’s plunge to the $25,000 level, the king of cryptocurrencies is likely preparing for a rally.

He shares a chart showing that Bitcoin is retesting “neckline” and likely entering a consolidation phase before moving higher.

In technical analysis, a neckline is a trend line drawn below a head and shoulders pattern and is used as a key indicator of a trend reversal.

“Statement: BTC started the week lower, touching the $25,000 limit.

Why: Blame it on Binance FUD (Fear, Uncertainty, and Doubt), thanks to the SEC lawsuit. BUT every cloud has a silver lining! BTC shows signs of oversold.

Our short-term forecast? The short-term outlook suggests that this is a solid opportunity to accumulate, especially if we revisit the low $25,000 area. A major move is on the horizon, and the market is packed.”

Source: Negentropic/Twitter

He predicts price volatility before the rally based on weak long activity, which is a term used to describe short-term traders who are unwilling to hold their positions through market fluctuations.

“BTC spot demand drives the move. Some weak longs chasing at this point. Buy the sauces.

Source: Negentropic/Twitter

He too says One bullish indicator for Bitcoin is the fact that BTC held support at the $25,000 level when it dipped on the US Securities and Exchange Commission (SEC) news against Binance. He also notes that he is watching the Aggregate Open Interest STABLECOIN Margin indicator for a breakout signal.

“It’s about make it or break it for the shorts. A failed attempt to break below $25,000 with Binance FUD is probably the most bullish sign of 2023.

Keep an eye on open interest: >240,000 BTC is a direction signal. Another movement is coming.

Source: Negentropic/Twitter

Bitcoin is trading at $26,437 at the time of writing, down 2.1% over the past 24 hours.

Don’t miss a thing: sign up to receive crypto email alerts straight to your inbox

Check Price Action

follow us TwitterFacebook and Telegram

Surf The Daily Hodl Mix

Check the latest news headlines


Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investment in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are at your own risk, and any loss you may incur is your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, and The Daily Hodl is not an investment adviser. Please note that The Daily Hodl is involved in affiliate marketing.

Image generated: halfway


Quant Analyst PlanB Says Bitcoin Bull Market Is Underway, Predicts BTC Will Outperform Major Asset Classes

Closely watched quant analyst PlanB says Bitcoin (BTC) is now on track to expand by trillions of dollars to compete with some of the largest...

Bitget Reinforces Its Leadership In Smart Cryptocurrency Trading With Rebranding Initiative

Bitget, a leading crypto derivatives and copy trading platform, announced a rebranding initiative on July 25, 2023, with the aim of reinforcing its position as...

Coinbase vs. SEC: Key dates and details for upcoming court hearings

The legal battle between Coinbase, a major cryptocurrency exchange, and the United States Securities and Exchange Commission (SEC) has reached a significant milestone. Hearing...

Benjamin Cowen Issues Cardano Warning, Says ADA Repeats Hard Times of 2019

Widely followed crypto analyst Benjamin Cowen warns that Ethereum (ETH) rival Cardano (ADA) is repeating a downward pattern from 2019. In a new strategy session, Cowen...

Most Popular