Glassnode Co-Founders Predict Bitcoin’s Next Rise Trigger
One cause, according to the co-founders of the cryptocurrency analytics platform Glassnode, might spark Bitcoin’s (BTC) next rally.
Jan Happel and Yann Allemann, co-founders of Glassnode who go by the moniker Negentropic, advise their 55,900 X followers that a BTC rally could occur if the Relative Strength Index (RSI) indicator drops below 37.
The RSI indicator has a 0 to 100 scale. Generally speaking, a score of less than 30 is bullish, while a value of more than 70 is regarded as a negative indicator.
The co-founders of Glassnode claim that purchasers are reportedly on the lookout below and close to the $28,500 support level.
“Bitcoin’s potential retest of $28,500 bottom indicated by RSI.
– Bears holding sway with RSI between 37-50.
– Sub-37 RSI could trigger a strong reversal.
– Demand shows up between $28,500 – $27,800.
Is this the catalyst for the next upward move?”
Source: Negentropic/X
At the time of writing, the price of one bitcoin is $29,508.
Regarding altcoins, the co-founders of Glassnode claim that absent a “surprise catalyst,” altcoins are only likely to gain in value after summer as they struggle in the face of a decline in Bitcoin’s price.
“Despite BTC’s bullish move past $30,000 this week, will it continue?
Altcoins struggle, except for standouts like Solana (SOL), Toncoin (TON), and Hedera (HBAR), showing gains of 6% to 9% overnight.
As BTC dips, altcoins feel the pressure.
Unless a surprise catalyst emerges, we’re waiting for that strong push, possibly post-summer.”
