The post Bitcoin Price Analysis: Here’s How BTC Price Will Take Off to $35k Levels Soon appeared first on Coinpedia Fintech News
On Thursday, the cryptocurrency markets experienced further weakness, resulting in a decline for Bitcoin and other leading cryptocurrencies. Bitcoin, the largest crypto token, saw its value decrease by an additional 2 percent but managed to remain slightly above the $26,000 level.
Negentropic, a co-founder of the crypto analytics firm Glassnode, believes that Bitcoin (BTC) has reached its bottom and is now poised for a significant rally. According to Negentropic, two simple moving averages (SMAs) indicate that a breakout for Bitcoin is highly likely in the near future.
The analyst notes that the 200-day SMA, an important indicator used by traders to assess long-term market trends, has been acting as a support level for Bitcoin (BTC). Furthermore, the analyst points out that the 50-day SMA is close to crossing above the 200-day SMA. Based on historical patterns, this crossover suggests that Bitcoin is poised for significant gains in the near future.
“Bitcoin bottom is in. Shorts getting exhausted after failing numerous attempts to break below 200-day SMA, which is a solid support. 50-day SMA bullish crossover over 200-day SMA, it’s a matter of when BTC goes off.”
The crypto analyst further proves his point about the Bitcoin rally by referencing a chart from macroeconomist Henrik Zeberg that depicts the performance of the NASDAQ 100 E-Mini Futures.
According to the analyst, the chart reveals a fully bullish pattern with no apparent technical weaknesses. He suggests that the NASDAQ is steadily advancing despite concerns, driven primarily by five stocks, and predicts that this positive momentum will soon extend to smaller stocks.
“Probability of a pause in June most likely outcome after [Federal Reserve Chair Jerome] Powell’s remarks: the risk of doing too much and doing too little is balanced. DAX (Deutscher Aktienindex, a German stock index) ATH (all-time high), SPX (S&P 500) holding above 4,190, BTC at $35,000 is inevitable.”
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