The creators of one of the top on-chain analytics companies in the crypto space believe that Bitcoin (BTC) is gearing up for an explosive move to the upside.
Jan Happel and Yann Allemann participation that Bitcoin is probably about to break above the main resistance area at USD 30,000.
According to the co-founders of Glassnode, the macro backdrop is starting to look favorable for the leading cryptocurrency by market capitalization.
“$25,800 still remains a possibility as indicated by the options market.
Confidence in our $35,000 interim outlook as external pressures ease.
Market prices Fed pauses in June, no rate cut – optimal for run-up to $35,000 before summer.
DXY (US Dollar Index) Down, Crossing Below Significant Moving Average – Explosive Moves Ahead.”
At the time of writing, Bitcoin is trading at $26,889, up nearly 2% in the past 24 hours.
Meanwhile, a popular analyst also believes the Bitcoin correction is likely over.
Pseudonymous analyst Bluntz, who is known in the industry for calling the BTC bottom of 2018, says Bitcoin has already reached the downside target of an ABC correction wave.
Bluntz tells his 222,900 Twitter followers that he is now bullish on BTC.
“Actually, BTC doesn’t mind here. It’s pretty much gotten where I originally wanted it to be in the original post.
Weekly on DXY a bit worrisome, so I’m not really sure how long I can last just yet, but those four hours (chart) are looking pretty good.
Late last month, when Bitcoin traded close to $30,000, Bluntz predicted that BTC could move below $26,000 as it showed early signs of a corrective move from ABC.
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Featured image: Shutterstock/Yurchanka Siarhei/Panuwatccn
