Bitcoin Bulls Gain Momentum: Experts Predict Surging Price Action
The creators of a prominent on-chain analytics firm in the cryptocurrency industry anticipate a significant upward surge for Bitcoin (BTC).
Jan Happel and Yann Allemann suggest that Bitcoin is likely on the verge of surpassing the crucial resistance level at $30,000. The co-founders of Glassnode believe that the overall market conditions are becoming favorable for the leading cryptocurrency by market capitalization.
"Buy when there is Blood in the streets."
📉$25.8k still remains a possibility, as indicated by the options market
🔮 Confident in our mid-term outlook of $35k as external pressures subside.
💼 Market pricing Fed pause in June, no rate cut – optimal for the run to $35k for… pic.twitter.com/xBnIyHK5A0
— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) May 12, 2023
However, the co-founders are confident in their mid-term projection of $35,000, especially as external pressures begin to subside.
The market pricing suggests that the Federal Reserve will pause in June without implementing a rate cut, which is deemed optimal for Bitcoin’s surge to $35,000 during the summer. Furthermore, the US dollar index (DXY) has declined and is crossing below a significant moving average, indicating the potential for explosive price movements in Bitcoin.
READ MORE: US Dollar Supremacy: Chamath Palihapitiya Sheds Light on Global Currency Reliance
In addition, a well-known analyst, who is recognized for accurately predicting the BTC bottom in 2018, believes that the Bitcoin correction has likely concluded. This analyst, operating under the pseudonym Bluntz, asserts that Bitcoin has already achieved the downside target of an ABC corrective wave.
Bluntz states that he has now shifted to a bullish stance on BTC:
thinking something like this plays out for #btc and makes the most sense to me.
the last correction lasted 41 days in time and so far were only 14 days into this mostr recent one which simply doesnt feel long enough to me pic.twitter.com/fz0hfuG7ZE
— Bluntz (@Bluntz_Capital) April 29, 2023
Bluntz further notes that he does not mind the current position of BTC, as it has reached the level he had initially anticipated in his original post. However, he expresses some concern about the weekly chart of the US dollar index, indicating uncertainty regarding the duration of his BTC holdings. Nevertheless, he finds the four-hour chart to be quite promising.
Approximately one month ago, when Bitcoin was trading near $30,000, Bluntz accurately predicted that BTC might retrace below $26,000 due to early signs of an ABC corrective move.
As of the time of writing, Bitcoin is currently trading at $26,889, reflecting a nearly 2% increase within the past 24 hours.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
