- 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.”
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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.
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