With Bitcoin flirting with the psychological threshold of $30,000, both enthusiasts and analysts are keenly scrutinizing every price fluctuation. The prevailing sentiment appears to revolve not around the question of ‘if’ but rather ‘when’ Bitcoin will successfully breach this significant milestone.
In a recent Twitter post, Glassnode’s founder, fittingly known as “Negentropic,” offered insights into Bitcoin’s present price dynamics. The analyst noted that the leading cryptocurrency remains securely positioned above the 100-hourly Simple Moving Average (SMA), consistently sustaining its price within the $28,000 range.
The Potential Ascending Path of Bitcoin
Going into more detail, Negentropic precisely identified a near-term hurdle for Bitcoin at $28,550. This is the level that the analyst sees as potentially triggering subsequent price shifts.
As per Negentropic’s analysis, should Bitcoin successfully surpass this resistance and extend its reach beyond $29,500, it appears highly likely that the leading cryptocurrency will target the coveted $30,000 threshold. Considering the current momentum, it’s not far-fetched to even anticipate a peak around $30,650, as outlined by the analyst.
Nevertheless, the optimistic outlook for Bitcoin isn’t solely based on price movements. In a separate post on X that garnered significant attention, the on-chain analytics company Santiment revealed a substantial increase in the count of Bitcoin wallets holding at least 100 BTC, now totaling 15,970.
This statistic frequently indicates a heightened level of confidence among prominent investors, implying that significant players in the ecosystem anticipate a sustained upward path for BTC.
BTC Latest Price Action
In the most recent developments, Bitcoin’s price has shown a bullish trend. Within the last week, the cryptocurrency has experienced a substantial 7.5% surge. This upswing has driven BTC to trade above the $28,500 mark, with the current price resting at $28,698, indicating a 1.2% increase in the past 24 hours.
According to Negentropic’s analysis, BTC appears to have convincingly breached its resistance level at $28,550. This breakthrough could potentially indicate an imminent upward surge, as per insights from the Glassnode founder.
In a related context, another expert, Ali Martinez, recently emphasized the importance of the $25,000 and $30,000 price ranges in Bitcoin’s trajectory. Martinez regards these levels as historically significant “demand zones,” marking the entry points of institutional behemoths such as MicroStrategy and Tesla into the world of Bitcoin.