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Categories: Bitcoin
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September 8, 2023

Traders Should Brace for ‘Decisive Move’ As Bitcoin Undergoes Savvy Accumulation Phase: Glassnode Co-Founders

By Mark Emem

The co-founders of the crypto analytics platform Glassnode say Bitcoin (BTC) is at an important inflection point.

Jan Happel and Yann Allemann tell their 56,600 followers on the social media platform X that a BTC accumulation phase is underway, with a big move on the horizon.

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“Navigating the Directionless.

BTC’s price resurgence finds equilibrium at $25,824, forming a potential launchpad. Multiple rejections at $25,000 reveal savvy accumulation in progress.

Yet, neither bulls nor bears show dominance; a battle at play. The why? Bullish momentum might be losing vigor.

Brace for a decisive move.”

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Source: Negentropic/X

Bitcoin is trading at $25,696 at time of writing.

In an earlier tweet, the two co-founders outlined two levels that could determine whether Bitcoin takes a bullish or bearish path moving forward.

“Mid-term outlook: Favorable risk/reward, but short-term, uncertain ($25,800 – $26,800).

– Possible downside ($23,800 – $24,800) due to bearish trend.

– Signs of bottoming: RSI bullish divergence, fading volatility.

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Consider buying after dip or solid $26,800 hold to break the downward trend.”

Source: Negentropic/X

As for the altcoin market, the Glassnode co-founders are issuing a word of caution.

“Minimize exposure to altcoins.

– Small and mid-caps show slight negative impulse and selling pressure.

– BTC, ETH [Ethereum], and large caps are in uncertain territory. A flat impulse doesn’t guarantee a strong upward move.

Safe entry for altcoins: Await BTC’s upward impulse and stability, confirm trend reversal.”

Source: Negentropic/X
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