The founders of analytics platform Glassnode say Bitcoin (BTC) has a real potential to suddenly soar to a cycle top of $256,000.
Glassnode co-founders Jan Happel and Yann Allemann, who share the Negentropic handle on the social media platform X, say Bitcoin could explode more than 278% from its current price before retracing in a blow-off top scenario.
“How do we need to study BTC? If we look at BTC in a normal chart, the target in the blow-off top seems to be ~$112,000. However, if we look at BTC in a logarithmic chart, we may have ~$250,000 as a target. Still we notice the long-term divergence. There is an end date to the rally.”
Blow-off tops involve dramatic price and volume increases to a point, followed by an equally dramatic decrease.
The analysts also believe that Bitcoin remains in an uptrend despite the recent dip. They suggest Bitcoin could correct in the near term to as low as $60,000 before continuing the uptrend.
“Momentum: a brief dip into negative before positive rebound. Despite a consolidation phase, the overall trend remains bullish. Traders are eyeing significant support around the $60,000 mark, with potential buying interest expected should the market pull back. Looking at the Swissblock ‘BTC momentum chart,’ we briefly dipped into negative territory before returning to the positive zone.”
Bitcoin is trading for $66,104 at time of writing, up 1.5% in the last 24 hours.
Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
