This Level Comes Next According to Glassnode Co-Founder

1 Mins read

The past few days have been relatively positive for Bitcoin’s price, which has been increasing since Tuesday, September 12th.

At the time of this writing, BTC is trading at around $26,500, but the co-founder of Glassnode has a bullish prognosis.


Consumer Price Index Important for Bitcoin’s Price

In his prediction, the co-founder of the popular cryptocurrency analytics resource, Glassnode, outlined that the US Consumer Price Index (CPI) jumped by 0.6%, which led to some fluctuation in the BTC price.

Indeed, as CryptoPotato reported earlier this week, the core CPI, which excludes more volatile sectors such as food and energy, has noted a yearly increase of 4.3%.

Interestingly enough, the CPI itself clocked in at 3.7%, while the estimations were for it to be 3.6%. Initially, the news didn’t really have an impact on the price, which, beyond the expected initial turbulence, settled at where it was trading before that.

Bitcoin Price Prediction

And here comes the BTC price prediction that Glassnode’s co-founder made on Twitter.

He pointed out that the cryptocurrency reclaimed the support above $26K and is now eyeing a potential break beyond $27K. This would help it escape a multi-week range.

That said, the expert concluded:

Risk Signal’s nosedive into the 60s signifies this attitude shift. Profit booking pressure may loom around $27.4k and $28.2k, but this climb seems poised as a step before tackling the psychological barrier at $30k.

Source: X



Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.

Source link

Related posts

New Layer-2 Meme Coin 'Pepe Unchained' Hits $3 Million Milestone Amid Market Downturn

2 Mins read
Join Our Telegram channel to stay up to date on breaking news coverage Pepe Unchained, a new layer-2 chain meme coin, appears…

Biden's Crypto SAB 121 Veto Remains Intact As House Override Effort Fails

2 Mins read
The US House of Representatives has not been able to overturn President Joe Biden’s veto of a crypto measure meant to nullify…

Iggy Azalea MOTHER Coin Surges 58% On DWF Labs Collaboration Announcement

2 Mins read
The famous token inspired by Australian singer Iggy Azalea, the Mother Iggy (MOTHER) token on the Solana (SOL) blockchain, experienced a significant…



Leave a Reply

Your email address will not be published. Required fields are marked *