Bitcoin To Surge? Glassnode Co-Founders Say Indicator That Tipped Off January Rally Flashing Bullish Signal

The founders of the analytics platform Glassnode say one key indicator is suddenly flashing bullish again for Bitcoin (BTC).

Glassnode co-founders Jan Happel and Yann Allemann, who share the Negentropic handle on the social media platform X, say an indicator that predicted Bitcoin’s massive rally to kick off the year may now be signaling another big move to the upside is imminent.

“MACD (moving average convergence divergence) crossover sets Bitcoin up for the next strong move higher. In January 2024, BTC put in a low. It rallied out of a descending wedge and MACD gave us bullish cross-over. On April 19th 2024, BTC put another low in after declining in descending wedge. Now we have a bullish cross-over on MACD. We will see a strong rally unfold again?”

style="width: 1280px" class="wp-caption aligncenter">
Source: Negentropic/X

The MACD is a technical indicator that gauges the momentum of a trend. Looking at the analysts’ chart, they also suggest that Bitcoin is printing a bullish bull flag pattern, which indicates BTC is likely heading higher.

The analysts also say near-term Bitcoin price volatility is likely with short-lived dips.

“BTC potential trajectory may offer buy-the-dips opportunities. BTC’s 50-day exponential moving average (EMA) near $62,000 provides potential support, targeting $72,000 for a rebound. Shorter EMAs signal a tendency to buy, while longer EMAs suggest a preference for selling. Given BTC’s recent significant gains of 92% in six weeks, the market behavior may reflect a period of absorbing those gains. Utilizing short-term dips for strategic buying opportunities is prudent in this consolidation phase within the broader bullish trend.”

Sponsored
Source: Negentropic/X

Bitcoin is trading for $64,015 at time of writing, down slightly in the last 24 hours.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Tumblr

Surf BitcoinLinux Mix

View Latest Crypto News

BTCnix Home
&nbsp

Get Alerts 728x90 119
Disclaimer: Opinions expressed at BitcoinLinux 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. BitcoinLinux does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is BitcoinLinux an investment advisor. Please note that BitcoinLinux participates in affiliate marketing.

Featured Image: Shutterstock/Motionic Studio/Sensvector

The post Bitcoin To Surge? Glassnode Co-Founders Say Indicator That Tipped Off January Rally Flashing Bullish Signal appeared first on BitcoinLinux.