Will Bitcoin (BTC) Price Spike To $30K in Coming Week? Glassnode Co-Founder Weighs In

The post Will Bitcoin (BTC) Price Spike To $30K in Coming Week? Glassnode Co-Founder Weighs In appeared first on Coinpedia Fintech News

Despite increased regulatory scrutiny in the U.S., Bitcoin stands strong at $26,305, reflecting a 0.48% increase over the past 24 hours. This stability comes just ahead of the release of the U.S. Consumer Price Index (CPI) data. It was indeed worrisome as this raised enhanced volatility on Wednesday when the US CPI numbers came out, especially since they were slightly higher than expected. However, that wasn’t the case, though, and BTC maintained $26,000.

Glassnode Co-Founder Foresees Bitcoin Breakout at $30K?

Yann Allemann, co-founder of analytics firm Glassnode, foresees Bitcoin on the brink of a significant breakout towards the $30,000 mark. As Bitcoin reclaims support above $26,000, market sentiment surrounding the cryptocurrency turns increasingly positive.

Moreover, the analyst sees these temporary resistance and profit-booking pressure may pop up around $27,400 and $28,200, these are viewed as stepping stones before Bitcoin reaches the psychologically significant $30,000 level. 

BTC Price Action Analysis

Bitcoin’s price has been exhibiting an interesting trend. Bitcoin’s current market capitalization surpasses $514 billion, with a 24-hour trading volume of approximately $8.16 billion, underscoring its substantial footprint in the cryptocurrency market. Despite the recent daily death cross between the 50 and 200 moving averages, there’s a notable rising divergence in the daily Relative Strength Index (RSI).

Overall, Bitcoin remains resilient, approaching $26,305 amid regulatory challenges faced by Binance and Coinbase. Positive sentiment is looming, and recent CPI data and a strong market cap contribute to its stability. It has the potential for further upward movement, targeting the $30,000 mark according to Yann Allemann of Glassnode.