Bitcoin Soaring Toward $84,000: Insights From Glassnode Co-Founders
May 15 2024 - 9:00PM
NEWSBTC
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’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. 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 “dovish stance”
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’s back to the “chopfest” – further consolidation and
volatility. Andrew Tate Considers Dumping Fiat For BTC In a
surprising move, popular internet personality and self-proclaimed
“Top G” 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,
“I’m about to leave fiat completely and ape over 100M into BTC.”
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. “I’m done with the banks. I’m done
with their money. Done with the scams,” 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 “leave fiat completely,” 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
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