The co-founders of the crypto analytics platform Glassnode are forecasting that one catalyst could kickstart Bitcoin’s (BTC) next rally.
Glassnode co-founders Jan Happel and Yann Allemann, who share the Negentropic handle, tell their 55,900 X followers that if the Relative Strength Index (RSI) indicator falls below 37, it could trigger a BTC rally.
The RSI indicator scales from 0 to 100. A reading of below 30 is typically considered bullish while a reading of over 70 is typically considered to be a bearish sign.
According to the Glassnode co-founders, there are potential buyers waiting below and around the $28,500 support level.
“Bitcoin’s potential retest of $28,500 bottom indicated by RSI.
– Bears holding sway with RSI between 37-50.
– Sub-37 RSI could trigger a strong reversal.
– Demand shows up between $28,500 – $27,800.
Is this the catalyst for the next upward move?”
Bitcoin is trading at $29,508 at time of writing.
Turning to altcoins, the Glassnode co-founders say that unless a “surprise catalyst” comes up, altcoins are only likely to rally after summer as they struggle amid a dip in Bitcoin’s price.
“Despite BTC’s bullish move past $30,000 this week, will it continue?
Altcoins struggle, except for standouts like Solana (SOL), Toncoin (TON), and Hedera (HBAR), showing gains of 6% to 9% overnight.
As BTC dips, altcoins feel the pressure.
Unless a surprise catalyst emerges, we’re waiting for that strong push, possibly post-summer.”
Generated Image: Midjourney