{"id":551650,"date":"2023-09-16T14:20:07","date_gmt":"2023-09-16T14:20:07","guid":{"rendered":"https:\/\/uniquehot.com\/?p=551650"},"modified":"2024-06-11T08:00:09","modified_gmt":"2024-06-11T08:00:09","slug":"glassnode-co-founders-weigh-in-on-bitcoin-btc-path-to-30000","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/glassnode-co-founders-weigh-in-on-bitcoin-btc-path-to-30000\/","title":{"rendered":"Glassnode Co-Founders Weigh In On Bitcoin (BTC) Path To $30,000"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Bitcoin has had an eventful week, gaining by over 5% to trade above the $26,000 price. Even following the release of the <a href=\"https:\/\/uniquehot.com\/news\/solana\/solana-gains-5-despite-cpi-latest-data-and-ftx-liquidation-approval-here-could-be-why\/\" target=\"_blank\" rel=\"noopener \">US Consumer Price Index<\/a>, which showed an inflation rise of 0.6%, the premier cryptocurrency remained resilient with little to no price drops.<\/span><\/p>\n<p><span style=\"font-weight: 400\">As BTC now hovers around the $26,500 price mark, <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoins-next-move-crypto-analyst-predicts\/\" target=\"_blank\" rel=\"noopener \">market analysts<\/a> and crypto enthusiasts continue to speculate on the <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-profit-taking-2-high-pullback-incoming\/\" target=\"_blank\" rel=\"noopener \">token\u2019s next movement<\/a>.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Notably, co-founders of market intelligence platform Glassnode Jan Happel and Yan Allemann have plotted a possible path through which Bitcoin may return to $30,000 in the coming weeks.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-ethereum-daily-active-addresses-lagging-tx-count\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Dominates Ethereum In Daily Active Addresses Despite Lagging In TX Count<\/a><\/div>\n<h2><strong>Bitcoin\u2019s Road To $30,000 Marked By Double Price Barriers, Analysts Say<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">Through a<a href=\"https:\/\/twitter.com\/Negentropic_\/status\/39004303?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E39004303%7Ctwgr%5Ebcd967a1ebfa50babd2be5cc00640d29af44c431%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcoinpedia.org%2Fbitcoin%2Fwill-bitcoin-btc-price-spike-to-30k-in-coming-week-glassnode-co-founder-weighs-in%2F\" target=\"_blank\" rel=\"noopener nofollow\"> post<\/a> on their shared account on X, known as Negentropic, the Glassnode co-founders stated that Bitcoin is currently targeting a move above $27,000, having reclaimed its support at $26,000 in the past week.<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to the analysts, the Bitcoin Risk Index has now dipped into the 60s, indicating there is an ongoing shift to a positive sentiment around the asset. This means that more investors are beginning to view Bitcoin as a favorable investment.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The US Consumer Price Index (CPI) jump by 0.6% was expected to stir the BTC price, and it has.<\/p>\n<p>Reclaiming support above $26k, BTC&#39;s now eyeing a breakout past $27k, potentially exiting a multi-week range.<\/p>\n<p>Risk Signal&#39;s nosedive into the 60s signifies this attitude shift. Profit\u2026 <a href=\"https:\/\/t.co\/BgrMq5Rb62\" rel=\"nofollow\">pic.twitter.com\/BgrMq5Rb62<\/a><\/p>\n<p>&mdash; \ud835\udde1\ud835\uddf2\ud835\uddf4\ud835\uddf2\ud835\uddfb\ud835\ude01\ud835\uddff\ud835\uddfc\ud835\uddfd\ud835\uddf6\ud835\uddf0 (@Negentropic_) <a href=\"https:\/\/twitter.com\/Negentropic_\/status\/39004303?ref_src=twsrc%5Etfw\" rel=\"nofollow\">September 15, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">If these sentiments translate into buying pressure, Bitcoin could embark on an upward trend. However, the Glassnode co-founders predict the token will face significant resistance at $27,400 and $28,200, as traders could opt to take profit at these price levels.<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, the analysts predict BTC will eventually overcome these barriers, pushing through to the $30,000 price mark, which they described as a \u201cpsychology barrier.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The last time Bitcoin traded above $30,000 was back in July. Since then, the world\u2019s largest cryptocurrency has seen its price decline by over 17% due to multiple events, most notably, the <a href=\"https:\/\/uniquehot.com\/news\/spacex-bold-move-why-did-they-sell-373-million-in-bitcoin-holdings\/\" target=\"_blank\" rel=\"noopener \">massive Bitcoin sell-off <\/a>by aerospace company Space X.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/stablecoin\/binance-busd-stablecoin\/\" target=\"_blank\" rel=\"noopener \">Bye Bye Birdie: Binance Begins Process Of Axing BUSD Stablecoin<\/a><\/div>\n<\/div>\n<h2><strong>Is A Bitcoin Rally Coming?<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">In other news, <a href=\"https:\/\/twitter.com\/intotheblock\" target=\"_blank\" rel=\"noopener nofollow\">data from Into The Block<\/a> shows that Bitcoin\u2019s transaction fees for this week were valued at $6.3 million, representing a 40% increase on the last week.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">While a rise in transaction fees could represent network congestion, which is known to drive network users away, it could also mean there is a high level of adoption.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Furthermore, Into The Block also reported that Bitcoin recorded exchange inflows of $10 million and outflows of $70 million.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The high level of Bitcoin being moved off exchanges indicates rising investors&#8217; interest in the cryptocurrency, which could also translate into a notable price gain.<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, it is worth stating that these are only predictions and should not be counted as investment advice.<\/span><\/p>\n<p><span style=\"font-weight: 400\">At the time of writing, Bitcoin trades at $$26,537 with a 0.33% loss in the last day based on <a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"noopener nofollow\">data from CoinMarketCap.<\/a> The token\u2019s daily trading volume is also down 12.86% and valued at $11.25 billion.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large\" src=\"https:\/\/www.tradingview.com\/x\/RIrvkLvB\/\" alt=\"Bitcoin\" width=\"1479\" height=\"906\"><\/p>\n<pre style=\"text-align: center\">BTC trading at $26,516 on the hourly chart | Source: <a href=\"https:\/\/www.tradingview.com\/chart\/xg17RJqK\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD chart on Tradingview.com<\/a><\/pre>\n<div class=\"disclaimer-shortcode\">\n<div class=\"disclaimer-shortcode\"><em>Featured image from Pixabay, chart from Tradingview<\/em><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin has had an eventful week, gaining by over 5% to trade above the $26,000 price. Even following the release of the US Consumer Price Index, which showed an inflation rise of 0.6%, the premier cryptocurrency remained resilient with little to no price drops. As BTC now hovers around the $26,500 price mark, market analysts and crypto enthusiasts continue to speculate on the token\u2019s next movement.\u00a0 Notably, co-founders of market intelligence platform Glassnode Jan Happel and Yan Allemann have plotted a possible path through which Bitcoin may return to $30,000 in the coming weeks. Related Reading: Bitcoin Dominates Ethereum In Daily Active Addresses Despite Lagging In TX Count Bitcoin\u2019s Road To $30,000 Marked By Double Price Barriers, Analysts Say Through a post on their shared account on X, known as Negentropic, the Glassnode co-founders stated that Bitcoin is currently targeting a move above $27,000, having reclaimed its support at $26,000 in the past week. According to the analysts, the Bitcoin Risk Index has now dipped into the 60s, indicating there is an ongoing shift to a positive sentiment around the asset. This means that more investors are beginning to view Bitcoin as a favorable investment. If these sentiments translate into buying pressure, Bitcoin could embark on an upward trend. However, the Glassnode co-founders predict the token will face significant resistance at $27,400 and $28,200, as traders could opt to take profit at these price levels. However, the analysts predict BTC will eventually overcome these barriers, pushing through to the $30,000 price mark, which they described as a \u201cpsychology barrier.\u201d\u00a0 The last time Bitcoin traded above $30,000 was back in July. Since then, the world\u2019s largest cryptocurrency has seen its price decline by over 17% due to multiple events, most notably, the massive Bitcoin sell-off by aerospace company Space X.\u00a0 Related Reading: Bye Bye Birdie: Binance Begins Process Of Axing BUSD Stablecoin Is A Bitcoin Rally Coming? In other news, data from Into The Block shows that Bitcoin\u2019s transaction fees for this week were valued at $6.3 million, representing a 40% increase on the last week.\u00a0 While a rise in transaction fees could represent network congestion, which is known to drive network users away, it could also mean there is a high level of adoption.\u00a0 Furthermore, Into The Block also reported that Bitcoin recorded exchange inflows of $10 million and outflows of $70 million.\u00a0 The high level of Bitcoin being moved off exchanges indicates rising investors&#8217; interest in the cryptocurrency, which could also translate into a notable price gain. However, it is worth stating that these are only predictions and should not be counted as investment advice. At the time of writing, Bitcoin trades at $$26,537 with a 0.33% loss in the last day based on data from CoinMarketCap. The token\u2019s daily trading volume is also down 12.86% and valued at $11.25 billion. BTC trading at $26,516 on the hourly chart | Source: BTCUSD chart on Tradingview.com Featured image from Pixabay, chart from Tradingview<\/p>\n","protected":false},"author":581,"featured_media":551656,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,61309,10709],"class_list":["post-551650","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-glassnode","tag-price-prediction"],"acf":[],"yoast_head":"\n<title>Glassnode Co-Founders Weigh In On Bitcoin (BTC) Path To $30,000<\/title>\n<meta name=\"description\" content=\"Co-founders of Glassnode have plotted a possible path through which Bitcoin may return to $30,000 in the coming weeks.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. 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