{"id":608285,"date":"2024-05-16T01:00:44","date_gmt":"2024-05-16T01:00:44","guid":{"rendered":"https:\/\/wncen.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:\/\/wncen.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":"

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

The latest momentum shift in Bitcoin’s <\/span>price action<\/span><\/a> 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

Bitcoin Breaks Out<\/span><\/h2>\n

The co-founders of Glassnode <\/span>believe <\/span><\/a>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

Related Reading: Analyst Predicts Shiba Inu to Soar 50% Amidst Meme Coin Market Rise<\/a><\/div>\n

They believe the trigger was the recent lower-than-expected US inflation figures and weaker <\/span>retail sales data<\/span><\/a>, which could prompt a more \u201cdovish stance\u201d from the Federal Reserve.<\/span><\/p>\n

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

However, not all analysts are as bullish in the immediate term. Crypto trader and analyst Justin Bennett <\/span>suggests <\/span><\/a>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.<\/span><\/p>\n

Andrew Tate Considers Dumping Fiat For BTC<\/span><\/h2>\n

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 <\/span>post <\/span><\/a>on social media platform X, formerly known as Twitter, Tate declared, “I’m about to leave fiat completely and ape over 100M into BTC.”<\/span><\/p>\n

Tate, who has faced numerous legal issues and has been banned from several social media platforms, cited his frustrations with the<\/span> traditional banking<\/span><\/a> system and fiat currency as the driving force behind this potential decision. <\/span><\/p>\n

“I’m done with the banks. I’m done with their money. Done with the scams,” he wrote in the post.<\/span><\/p>\n

Related Reading: Ethereum Bull Flag Breakout: ATH On The Horizon As Major Metrics Turn Bullish<\/a><\/div>\n

In a follow-up <\/span>post<\/span><\/a>, Tate acknowledged that he has not finalized this decision, as he currently holds more cryptocurrency than fiat currency in his portfolio. <\/span><\/p>\n

However, he hinted that he might “leave fiat completely,” suggesting that his preference for Bitcoin and other digital assets is growing.<\/span><\/p>\n

\"Bitcoin
The 1-D chart shows BTC’s trending upwards. Source: BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n

As of press time, Bitcoin is testing the $65,900 mark, having regained its <\/span>bullish momentum<\/span><\/a>. 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

Featured image from Shutterstock, chart from TradingView.com <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

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.\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’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<\/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":"\nBitcoin 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 a 7% 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With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies. Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology. Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry. One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth. However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape. Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge. With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. 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