Bitcoin Gains Bullish Momentum, Setting the Stage for a Significant Breakout – Will $30,000 Be the Next Target? Detailed Report Examines

• Glassnode co-founder Negentropic anticipates a Bitcoin bull run following a slump to the $25,000 mark.
• Negentropic points out Bitcoin’s resilience at the $25,000 level amid market volatility as a bullish indicator.

According to a recent forecast from Glassnode’s co-founder, Bitcoin is poised to enter a bull market following a drop down to $25,000. This prediction was shared with his 55,200 Twitter followers by Negentropic, a pseudonymous crypto analyst and co-founder of the crypto analytics firm Glassnode.

Negentropic shared a chart illustrating that Bitcoin is currently retesting a “neckline,” suggesting a consolidation phase prior to an upward rally. The concept of a neckline in technical analysis is a trendline drawn beneath a head and shoulders pattern, indicating a potential reversal of trend.

Highlighting the reasons behind Bitcoin’s tumble at the start of the week down to the $25,000 mark, Negentropic pointed towards the negative influence of FUD (fear, uncertainty, and doubt) related to Binance owing to the SEC lawsuit. However, he further emphasized the silver lining – Bitcoin displayed signs of overselling.

Looking at the short-term forecast, Negentropic asserted that the current conditions present an attractive opportunity for accumulation, particularly if Bitcoin revisits the low $25,000 territory. He anticipated a significant move on the horizon, with the market abuzz with activity.

Based on weak longs’ activity – a term denoting short-term traders who lack the resolve to retain their positions amid market fluctuations – Negentropic foresees price volatility before the anticipated rally. He commented, “BTC spot demand driving the move. Some weak longs chasing at this point. Buy the dips.”

Negentropic further pointed out the bullish indicator for Bitcoin, wherein the cryptocurrency managed to maintain support at the $25,000 level when it dipped due to the SEC’s legal action against Binance. He also stated he was observing the Aggregated Open Interest STABLECOIN-margined indicator for a breakout signal.

According to Negentropic, the shorts are at a critical juncture. He believes their failed attempt to bring Bitcoin below $25,000 amidst the Binance FUD is likely the most bullish signal of 2023. He recommended keeping an eye on open interest, with over 240,000 BTC indicating a trend direction, and hinted at another move being imminent.

As of the time of writing, Bitcoin is trading at $26,437, marking a 2.1% decrease over the past 24 hours.