The co-founders of the crypto analytics firm Glassnode believe Bitcoin (BTC) and altcoins are setting the stage for a parabolic move.
Glassnode co-founders Jan Happel and Yann Allemann, who share the Negentropic handle on the social media platform X, say that both Bitcoin and Ethereum (ETH) have printed bull flag patterns.
A bull flag pattern typically signals that the uptrend which was underway prior to a price descent is about to resume.
The co-founders also say that the market capitalization of altcoins appears to have formed a bullish rounding bottom, which in technical analysis is a pattern found at the end of a lengthy downward trend marking a reversal.
“BTC and ETH have broken higher-out of bull flags.
Now altcoins seem to have finalized rounding bottom – and hence begins a new bull market.
*See the details in our in-house chart analysis below.”
The traders also suggest that Bitcoin will head higher after the new US Consumer Price Index (CPI) data shows inflation is cooling.
“Bitcoin experienced a peak at $37,900 on November 9th, only to dip to $36,880 today, erasing weekend gains. Now, all eyes are on the upcoming US Consumer Price Index (CPI) data.
Projections suggest a yearly core CPI inflation of 4.1% and a monthly increase of 0.3%. Considering that higher inflation tends to increase selling pressure on risk assets like Bitcoin, the October CPI report is anticipated to influence BTC’s price trajectory.”
Bitcoin is trading for $35,597 at time of writing, down 2.2% in the last 24 hours.
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