{"id":608285,"date":"2024-05-16T01:00:44","date_gmt":"2024-05-16T01:00:44","guid":{"rendered":"https:\/\/uniquehot.com\/?p=608285"},"modified":"2024-06-11T07:04:46","modified_gmt":"2024-06-11T07:04:46","slug":"bitcoin-soaring-toward-84000-insights-from-glassnode-co-founders","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-soaring-toward-84000-insights-from-glassnode-co-founders\/","title":{"rendered":"Bitcoin Soaring Toward $84,000: Insights From Glassnode Co-Founders"},"content":{"rendered":"<p><span style=\"font-weight: 400\">In a remarkable turn of events, Bitcoin (BTC) has broken out of its recent trading range, recording a 7% surge in the past 24 hours alone. The cryptocurrency tests the $66,000 resistance level, setting the stage for a potential move toward higher targets.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The latest momentum shift in Bitcoin&#8217;s <\/span><a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-holders-70000-btc\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">price action<\/span><\/a><span style=\"font-weight: 400\"> has caught the attention of industry experts, particularly the co-founders of on-chain analytics firm Glassnode. According to their analysis, the trigger for a larger market structure release has been in the works since the March highs.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Bitcoin Breaks Out<\/span><\/h2>\n<p><span style=\"font-weight: 400\">The co-founders of Glassnode <\/span><a href=\"https:\/\/x.com\/Negentropic_\/status\/37850830\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">believe <\/span><\/a><span style=\"font-weight: 400\">this breakout has been coming for a long time. They state that they have been waiting for the trigger to unleash a major bullish structure since the March highs when Bitcoin reached its current all-time high (ATH) of $73,700, and it looks like the market has finally done so.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/shiba-inu\/analyst-predicts-shiba-inu-to-soar-50-amidst-meme-coin-market-rise\/\" target=\"_blank\" rel=\"noopener \">Analyst Predicts Shiba Inu to Soar 50% Amidst Meme Coin Market Rise<\/a><\/div>\n<p><span style=\"font-weight: 400\">They believe the trigger was the recent lower-than-expected US inflation figures and weaker <\/span><a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-bull-run-over-what-to-expect-now\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">retail sales data<\/span><\/a><span style=\"font-weight: 400\">, which could prompt a more \u201cdovish stance\u201d from the Federal Reserve.<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to the Glassnode co-founders, this opens the door to a more dovish stance from the Fed. They explain that Bitcoin and the market liked this, and now they expect the price to reach $66,000 before $69,000 and then up towards $84,000. They also believe the altcoins will follow this move strongly.<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, not all analysts are as bullish in the immediate term. Crypto trader and analyst Justin Bennett <\/span><a href=\"https:\/\/x.com\/JustinBennettFX\/status\/91057801\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">suggests <\/span><\/a><span style=\"font-weight: 400\">that Bitcoin needs to hold the $65,000 level as new support, cautioning that the $68,000 and $73,000 price levels could act as resistance and liquidity pockets. He warns that if Bitcoin loses the $65,000 support, it&#8217;s back to the &#8220;chopfest&#8221; &#8211; further consolidation and volatility.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Andrew Tate Considers Dumping Fiat For BTC<\/span><\/h2>\n<p><span style=\"font-weight: 400\">In a surprising move, popular internet personality and self-proclaimed &#8220;Top G&#8221; Andrew Tate has announced his intention to abandon fiat currency and invest over $100 million into Bitcoin. In a <\/span><a href=\"https:\/\/x.com\/Cobratate\/status\/31378828\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">post <\/span><\/a><span style=\"font-weight: 400\">on social media platform X, formerly known as Twitter, Tate declared, &#8220;I&#8217;m about to leave fiat completely and ape over 100M into BTC.&#8221;<\/span><\/p>\n<p><span style=\"font-weight: 400\">Tate, who has faced numerous legal issues and has been banned from several social media platforms, cited his frustrations with the<\/span><a href=\"https:\/\/uniquehot.com\/news\/solana\/solana-projected-to-reach-500-this-year-despite-market-meltdown-expert-predicts\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\"> traditional banking<\/span><\/a><span style=\"font-weight: 400\"> system and fiat currency as the driving force behind this potential decision. <\/span><\/p>\n<p><span style=\"font-weight: 400\">&#8220;I&#8217;m done with the banks. I&#8217;m done with their money. Done with the scams,&#8221; he wrote in the post.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/ethereum\/ethereum-bull-flag-breakout\/\" target=\"_blank\" rel=\"noopener \">Ethereum Bull Flag Breakout: ATH On The Horizon As Major Metrics Turn Bullish<\/a><\/div>\n<p><span style=\"font-weight: 400\">In a follow-up <\/span><a href=\"https:\/\/x.com\/Cobratate\/status\/19569651\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">post<\/span><\/a><span style=\"font-weight: 400\">, Tate acknowledged that he has not finalized this decision, as he currently holds more cryptocurrency than fiat currency in his portfolio. <\/span><\/p>\n<p><span style=\"font-weight: 400\">However, he hinted that he might &#8220;leave fiat completely,&#8221; suggesting that his preference for Bitcoin and other digital assets is growing.<\/span><\/p>\n<figure style=\"width: 1815px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large\" src=\"https:\/\/www.tradingview.com\/x\/1x6vYsMr\/\" alt=\"Bitcoin \" width=\"1815\" height=\"858\"><figcaption class=\"wp-caption-text\">The 1-D chart shows BTC&#8217;s trending upwards. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/7W2R5XTA\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">As of press time, Bitcoin is testing the $65,900 mark, having regained its <\/span><a href=\"https:\/\/uniquehot.com\/bitcoin-news\/timing-the-breakout-when-will-bitcoin-escape-the-post-halving-consolidation\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">bullish momentum<\/span><\/a><span style=\"font-weight: 400\">. It remains to be seen how far the current rally can extend and whether the bullish momentum can survive potential selling pressure at higher price levels.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Featured image from Shutterstock, chart from TradingView.com <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a remarkable turn of events, Bitcoin (BTC) has broken out of its recent trading range, recording a 7% surge in the past 24 hours alone. The cryptocurrency tests the $66,000 resistance level, setting the stage for a potential move toward higher targets. The latest momentum shift in Bitcoin&#8217;s price action has caught the attention of industry experts, particularly the co-founders of on-chain analytics firm Glassnode. According to their analysis, the trigger for a larger market structure release has been in the works since the March highs. Bitcoin Breaks Out The co-founders of Glassnode believe this breakout has been coming for a long time. They state that they have been waiting for the trigger to unleash a major bullish structure since the March highs when Bitcoin reached its current all-time high (ATH) of $73,700, and it looks like the market has finally done so.\u00a0 Related Reading: Analyst Predicts Shiba Inu to Soar 50% Amidst Meme Coin Market Rise They believe the trigger was the recent lower-than-expected US inflation figures and weaker retail sales data, which could prompt a more \u201cdovish stance\u201d from the Federal Reserve. According to the Glassnode co-founders, this opens the door to a more dovish stance from the Fed. They explain that Bitcoin and the market liked this, and now they expect the price to reach $66,000 before $69,000 and then up towards $84,000. They also believe the altcoins will follow this move strongly. However, not all analysts are as bullish in the immediate term. Crypto trader and analyst Justin Bennett suggests that Bitcoin needs to hold the $65,000 level as new support, cautioning that the $68,000 and $73,000 price levels could act as resistance and liquidity pockets. He warns that if Bitcoin loses the $65,000 support, it&#8217;s back to the &#8220;chopfest&#8221; &#8211; further consolidation and volatility. Andrew Tate Considers Dumping Fiat For BTC In a surprising move, popular internet personality and self-proclaimed &#8220;Top G&#8221; Andrew Tate has announced his intention to abandon fiat currency and invest over $100 million into Bitcoin. In a post on social media platform X, formerly known as Twitter, Tate declared, &#8220;I&#8217;m about to leave fiat completely and ape over 100M into BTC.&#8221; Tate, who has faced numerous legal issues and has been banned from several social media platforms, cited his frustrations with the traditional banking system and fiat currency as the driving force behind this potential decision. &#8220;I&#8217;m done with the banks. I&#8217;m done with their money. Done with the scams,&#8221; he wrote in the post. Related Reading: Ethereum Bull Flag Breakout: ATH On The Horizon As Major Metrics Turn Bullish In a follow-up post, Tate acknowledged that he has not finalized this decision, as he currently holds more cryptocurrency than fiat currency in his portfolio. However, he hinted that he might &#8220;leave fiat completely,&#8221; suggesting that his preference for Bitcoin and other digital assets is growing. As of press time, Bitcoin is testing the $65,900 mark, having regained its bullish momentum. It remains to be seen how far the current rally can extend and whether the bullish momentum can survive potential selling pressure at higher price levels. Featured image from Shutterstock, chart from TradingView.com<\/p>\n","protected":false},"author":589,"featured_media":575886,"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":[428,485,656,679,755,768,1119,1122,1144,8390,78790,6664,14690,1558],"class_list":["post-608285","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-chart","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-technical-analysis","tag-bitcoin-trading","tag-btc","tag-btc-price","tag-btcusd","tag-btcusd-price","tag-btcusdt","tag-crypto","tag-crypto-news","tag-cryptocurrency"],"acf":[],"yoast_head":"\n<title>Bitcoin Soaring Toward $84,000: Insights From Glassnode Co-Founders<\/title>\n<meta name=\"description\" content=\"Bitcoin has broken out of its recent trading range, recording 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