The co-founders of the market intelligence firm Glassnode believe that crypto is gearing up for a strong fourth quarter after last month’s correction.
Jan Happel and Yann Alleman, who go by the pseudonym Negentropic, tell their 63,900 followers on X that crypto printed a bottom late last month based on Swissblock’s Aggregated Impulse metric, which tracks the exponential price structure of the top 350 assets.
Happel and Alleman say that while crypto can still witness pullbacks in the coming days, the market is poised for breakout rallies.
“Major bottom confirmation.
We’re nearing a breakout similar to April and June — be patient, the biggest move is ahead.
Macro hurdles this week may bring volatility, but dips are opportunities to average in.”
Looking at Bitcoin, the pair says they expect BTC to dip above $110,000 before igniting rallies.
“We are getting close, volatility short term will pick up, a retrace to the low $112,000 to high $111,000 for BTC is within expectations, before moving higher into early October.”
Meanwhile, crypto analytics firm Swissblock sees the $110,000 price level as a must-hold area for bulls.
“Bitcoin, what is the plan?
Starts a week that ends one month and kicks off another, marking the start of Q4.
Q3 began by conquering $110,000:Â
Holding it is the key pivot—lose it and momentum stalls, defend it and the bullish path stays alive.”Â
At time of writing, Bitcoin is trading for $114,003.
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