19 October 2023
As Bitcoin teases the psychological barrier of $30,000, enthusiasts and analysts appear to be closely watching every price movement. The general sentiment so far seems to be not a question of ‘if’ but ‘when’ BTC will make its way past this significant mark.
Glassnode founder, aptly named “Negentropic”, recently shed some light on Bitcoin’s current price action via a post on X (formerly known as Twitter). The analyst observed that the top cryptocurrency remains comfortably perched above the 100-hourly SMA, consistently maintaining its price above the $28,000 range.
Bitcoin Potential Upward Trajectory
Diving deeper into the specifics, Negentropic pinpointed an immediate resistance for Bitcoin at $28,550. This is the threshold that the analyst believes could act as a catalyst for further price movements.
According to Negentropic, if Bitcoin breaches this resistance and pushes past the $29,500 mark, it’s almost certain that the top crypto will set its sights on the coveted $30,000 level. Going by the momentum, it’s not unrealistic to even anticipate a peak of around $30,650, the analyst concluded.
Are bulls taking control as they rally around the $28k zone?
Main takeaways:
• Current price > $28k & above the 100 hourly SMA
• Immediate resistance at $28.55k
• Break past $29.5k could lead to $30k target
• Potential to reach beyond $30.65k with continued momentum… pic.twitter.com/Al8q2xGg5V
— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) October 19, 2023
However, price isn’t the only metric painting a bullish picture for Bitcoin. In another post on X that sparked considerable interest, on-chain analytics firm Santiment disclosed that the number of Bitcoin wallets holding a minimum of 100 BTC has surged significantly, reaching 15,970.
#Bitcoin‘s number of wallets holding at least 100 $BTC has jumped to 15,970 after the largest single day jump of 2023 on Saturday. Since this accumulation, $BTC‘s price is +5.3%, and they may not be done. We will continue to monitor. https://t.co/l0drhvkf7E pic.twitter.com/0mDAmys7N4
— Santiment (@santimentfeed) October 18, 2023
His statistic often signifies increased confidence among larger investors, suggesting that the ecosystem’s key players are anticipating a continued upward trajectory for BTC.
BTC Latest Price Action
Recently, Bitcoin’s price has exhibited a bullish trend. Over the past week, the asset has surged by 7.5%. This uptick has propelled BTC to trade above the $28,500 threshold, currently priced at $28,698, marking a 1.2% increase in the last 24 hours.
From the analysis provided by Negentropic, BTC seems to have decisively breached its resistance at $28,550. This break could signify an imminent upward rally, based on insights from the Glassnode founder.
Another expert, Ali Martinez, recently pointed out the significance of the $25,000 and $30,000 price ranges in BTC’s trajectory. According to Martinez, these are “crucial demand bucket(s) in BTC history,” marking the entry points of institutional giants like MicroStrategy and Tesla into the Bitcoin arena.
Most people, especially institutional investors like @saylor @MicroStrategy & @elonmusk @Tesla, bought #Bitcoin between $25K & $30K, making this a crucial demand bucket in $BTC history.
So when they tell you “It’s too late to buy #BTC” or “Wait for $20K,” please ignore them! pic.twitter.com/B6rGtYidY6
— Ali (@ali_charts) October 18, 2023
Featured image from Unsplash, Chart from TradingView