{"id":604740,"date":"2024-04-24T02:00:39","date_gmt":"2024-04-24T02:00:39","guid":{"rendered":"https:\/\/ktsl888.com\/?p=604740"},"modified":"2024-06-11T08:51:06","modified_gmt":"2024-06-11T08:51:06","slug":"is-a-72k-bitcoin-surge-on-the-horizon-glassnodes-analysis","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/is-a-72k-bitcoin-surge-on-the-horizon-glassnodes-analysis\/","title":{"rendered":"Is A $72K Bitcoin Surge On The Horizon? Glassnode&#8217;s Latest Analysis Points To An Answer"},"content":{"rendered":"<p>Recent insights from Glassnode&#8217;s cofounders, <a href=\"https:\/\/x.com\/Negentropic_\/status\/75566404\" target=\"_blank\" rel=\"noopener nofollow\">shared<\/a> under their X (formerly Twitter) account &#8216;Negentrophic&#8217; have sparked interest in Bitcoin market dynamics, leading to a promising stabilization and possible price surge.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/x.com\/Negentropic_\/status\/75566404\" target=\"_blank\" rel=\"noopener nofollow\">\u2018More Upside Is Coming\u2019: Crypto Market Set For 350% Growth, Predicts Glassnode Cofounders<\/a><\/div>\n<h2>Market Sentiments And EMA Trends<\/h2>\n<p>With Bitcoin&#8217;s value recently wavering below the $70,000 mark, a detailed analysis from the cofounders suggests that a strong support level around the $62,000 50-day Exponential Moving Average (EMA) could set the stage for a significant rebound.<\/p>\n<p>This crucial support level indicates a strong buying sentiment, indicating the market&#8217;s confidence in the cryptocurrency&#8217;s value and a potential resistance against further declines.<\/p>\n<p>Using the strategic placement of the 50-day EMA as a support point, the analysis suggests that investors might see the <a href=\"https:\/\/ktsl888.com\/bitcoin-news\/conservative-projection-places-bitcoin-at-245000-in-5-years\/\" target=\"_blank\" rel=\"noopener \">current price levels<\/a> as a solid base, preventing significant downward movements.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\"><a href=\"https:\/\/x.com\/Negentropic_\/status\/75566404\" target=\"_blank\" rel=\"noopener nofollow\">#BTC<\/a> potential trajectory may offer Buy-the-dips Opportunities<\/p>\n<p>BTC&#8217;s 50-day EMA near $62k provides potential support, targeting $72k for a rebound.<\/p>\n<p>Shorter EMAs signal a tendency to buy, while longer EMAs suggest a preference for selling.<\/p>\n<p>Given BTC\u2019s recent significant gains\u2026 <a href=\"https:\/\/x.com\/Negentropic_\/status\/75566404\" target=\"_blank\" rel=\"noopener nofollow\">pic.twitter.com\/3NjUUqa001<\/a><\/p>\n<p>\u2014 \ud835\udde1\ud835\uddf2\ud835\uddf4\ud835\uddf2\ud835\uddfb\ud835\ude01\ud835\uddff\ud835\uddfc\ud835\uddfd\ud835\uddf6\ud835\uddf0 (@Negentropic_) <a href=\"https:\/\/x.com\/Negentropic_\/status\/75566404\" target=\"_blank\" rel=\"noopener nofollow\">April 23, 2024<\/a><\/p><\/blockquote>\n<p>This perspective is reinforced by recent price movements, where despite a pre-halving general dip, Bitcoin has experienced a 7.1% increase in value over the past week, and the same uptick continued in the last 24 hours.<\/p>\n<figure style=\"width: 2770px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/90xKaONv\/\" alt=\"Bitcoin (BTC) price chart on TradingView\" width=\"2770\" height=\"1496\"><figcaption class=\"wp-caption-text\">BTC price is moving sideways on the 4-hour chart. Source: BTC\/USDT on <a href=\"https:\/\/x.com\/Negentropic_\/status\/75566404\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/figcaption><\/figure>\n<p>Further analysis by the Glassnode cofounders delves into the behavior of EMAs over different durations. Short-term EMAs indicate a growing inclination among investors to buy, while longer-term EMAs lean towards selling.<\/p>\n<p>This contrasting behavior between short and long-term EMAs sheds light on the <a href=\"https:\/\/ktsl888.com\/bitcoin-news\/market-expert-predicts-new-paradigm-for-bitcoin-days-under-100000-numbered\/\" target=\"_blank\" rel=\"noopener \">current phase<\/a> of the market, which seems to be in a period of consolidation after the notable 92% increase in Bitcoin\u2019s price over six weeks earlier in the year.<\/p>\n<p>Such insights are vital as they offer a deeper understanding of the underlying market forces and investor behavior during volatile periods.<\/p>\n<p>Meanwhile, Glassnode\u2019s team&#8217;s analytical approach extends beyond simple price movements. Yesterday, they <a href=\"https:\/\/ktsl888.com\/news\/crypto-market-set-for-growth-predicts-glassnode-cofounders\/\" target=\"_blank\" rel=\"noopener \">compared the current market conditions to the early 2021 &#8220;strong correction,&#8221;<\/a> which they term &#8220;wave 4&#8221; of the ongoing market cycle.<\/p>\n<p>This historical perspective provides a lens through which current trends can be evaluated, suggesting a cyclic return to bullish conditions reminiscent of past market behaviors.<\/p>\n<h2>Bitcoin Bullish Projections And Market Dynamics<\/h2>\n<p>Bitfinex analysts have <a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-market-dynamics-still-positive-post-halving-bitfinex-analysis\/\" target=\"_blank\" rel=\"noopener \">highlighted significant activities<\/a> around Bitcoin withdrawals, supporting the optimistic outlook on Bitcoin. The current levels, echo those of January 2023, suggest that investors are increasingly moving their Bitcoin to cold storage\u2014a sign that many anticipate further price increases.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/x.com\/Negentropic_\/status\/75566404\" target=\"_blank\" rel=\"noopener nofollow\">Analyst Reveals Bitcoin\u2019s Bull Market Breakthrough: Here\u2019s What You Need To Know<\/a><\/div>\n<p>Veering back to Glassnode\u2019s projections yesterday based on their indexes and Fibonacci levels, the cofounders were boldly optimistic, anticipating a potential 350% increase from current market levels.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">The <a href=\"https:\/\/x.com\/Negentropic_\/status\/75566404\" target=\"_blank\" rel=\"noopener nofollow\">#Crypto<\/a> Bull Market Continues.<\/p>\n<p>&#8220;OTHERS&#8221; follows Crypto excl. the largest 10 Cryptos.<\/p>\n<p>Observe that we in early 2021 had a strong correction. We believe that was a wave 4.<br \/>\nWe now have a similar strong decline.<\/p>\n<p>More upside is coming. This index and our Fibonacci levels\u2026 <a href=\"https:\/\/x.com\/Negentropic_\/status\/75566404\" target=\"_blank\" rel=\"noopener nofollow\">pic.twitter.com\/qKtIOSXneP<\/a><\/p>\n<p>\u2014 \ud835\udde1\ud835\uddf2\ud835\uddf4\ud835\uddf2\ud835\uddfb\ud835\ude01\ud835\uddff\ud835\uddfc\ud835\uddfd\ud835\uddf6\ud835\uddf0 (@Negentropic_) <a href=\"https:\/\/x.com\/Negentropic_\/status\/75566404\" target=\"_blank\" rel=\"noopener nofollow\">April 22, 2024<\/a><\/p><\/blockquote>\n<p>Notably, this forecast highlights the expected <a href=\"https:\/\/ktsl888.com\/bitcoin-news\/bitcoins-next-move-revealed-trading-guru-reveals-this-cryptic-chart-pattern-heres-what-it-says\/\" target=\"_blank\" rel=\"noopener \">financial trajectory<\/a> and\u00a0underscores a growing confidence among experts and market analysts in Bitcoin&#8217;s market performance and its foundational economic principles.<\/p>\n<p>Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Recent insights from Glassnode&#8217;s cofounders, shared under their X (formerly Twitter) account &#8216;Negentrophic&#8217; have sparked interest in Bitcoin market dynamics, leading to a promising stabilization and possible price surge. Related Reading: \u2018More Upside Is Coming\u2019: Crypto Market Set For 350% Growth, Predicts Glassnode Cofounders Market Sentiments And EMA Trends With Bitcoin&#8217;s value recently wavering below the $70,000 mark, a detailed analysis from the cofounders suggests that a strong support level around the $62,000 50-day Exponential Moving Average (EMA) could set the stage for a significant rebound. This crucial support level indicates a strong buying sentiment, indicating the market&#8217;s confidence in the cryptocurrency&#8217;s value and a potential resistance against further declines. Using the strategic placement of the 50-day EMA as a support point, the analysis suggests that investors might see the current price levels as a solid base, preventing significant downward movements. #BTC potential trajectory may offer Buy-the-dips Opportunities BTC&#8217;s 50-day EMA near $62k provides potential support, targeting $72k for a rebound. Shorter EMAs signal a tendency to buy, while longer EMAs suggest a preference for selling. Given BTC\u2019s recent significant gains\u2026 pic.twitter.com\/3NjUUqa001 \u2014 \ud835\udde1\ud835\uddf2\ud835\uddf4\ud835\uddf2\ud835\uddfb\ud835\ude01\ud835\uddff\ud835\uddfc\ud835\uddfd\ud835\uddf6\ud835\uddf0 (@Negentropic_) April 23, 2024 This perspective is reinforced by recent price movements, where despite a pre-halving general dip, Bitcoin has experienced a 7.1% increase in value over the past week, and the same uptick continued in the last 24 hours. Further analysis by the Glassnode cofounders delves into the behavior of EMAs over different durations. Short-term EMAs indicate a growing inclination among investors to buy, while longer-term EMAs lean towards selling. This contrasting behavior between short and long-term EMAs sheds light on the current phase of the market, which seems to be in a period of consolidation after the notable 92% increase in Bitcoin\u2019s price over six weeks earlier in the year. Such insights are vital as they offer a deeper understanding of the underlying market forces and investor behavior during volatile periods. Meanwhile, Glassnode\u2019s team&#8217;s analytical approach extends beyond simple price movements. Yesterday, they compared the current market conditions to the early 2021 &#8220;strong correction,&#8221; which they term &#8220;wave 4&#8221; of the ongoing market cycle. This historical perspective provides a lens through which current trends can be evaluated, suggesting a cyclic return to bullish conditions reminiscent of past market behaviors. Bitcoin Bullish Projections And Market Dynamics Bitfinex analysts have highlighted significant activities around Bitcoin withdrawals, supporting the optimistic outlook on Bitcoin. The current levels, echo those of January 2023, suggest that investors are increasingly moving their Bitcoin to cold storage\u2014a sign that many anticipate further price increases. Related Reading: Analyst Reveals Bitcoin\u2019s Bull Market Breakthrough: Here\u2019s What You Need To Know Veering back to Glassnode\u2019s projections yesterday based on their indexes and Fibonacci levels, the cofounders were boldly optimistic, anticipating a potential 350% increase from current market levels. The #Crypto Bull Market Continues. &#8220;OTHERS&#8221; follows Crypto excl. the largest 10 Cryptos. Observe that we in early 2021 had a strong correction. We believe that was a wave 4. We now have a similar strong decline. More upside is coming. This index and our Fibonacci levels\u2026 pic.twitter.com\/qKtIOSXneP \u2014 \ud835\udde1\ud835\uddf2\ud835\uddf4\ud835\uddf2\ud835\uddfb\ud835\ude01\ud835\uddff\ud835\uddfc\ud835\uddfd\ud835\uddf6\ud835\uddf0 (@Negentropic_) April 22, 2024 Notably, this forecast highlights the expected financial trajectory and\u00a0underscores a growing confidence among experts and market analysts in Bitcoin&#8217;s market performance and its foundational economic principles. Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":599876,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,441,8856,629,678,1119,78790,6664,87925,61309],"class_list":["post-604740","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-halving","tag-bitcoin-market","tag-bitcoin-prediction","tag-btc","tag-btcusdt","tag-crypto","tag-crypto-asset","tag-glassnode"],"acf":[],"yoast_head":"\n<title>Is A $72K Bitcoin Surge On The Horizon? Glassnode&#039;s Latest Analysis Points To An Answer<\/title>\n<meta name=\"description\" content=\"Recent insights from Glassnode&#039;s cofounders, shared under their X (formerly Twitter) account Negentrophic have sparked interest in Bitcoin...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ktsl888.com\/news\/is-a-72k-bitcoin-surge-on-the-horizon-glassnodes-analysis\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is A $72K Bitcoin Surge On The Horizon? 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.\",\"sameAs\":[\"https:\/\/x.com\/0xEdyme\"],\"url\":\"https:\/\/ktsl888.com\/author\/samueledymeabayomi\/\"}]}<\/script>\n","yoast_head_json":{"title":"Is A $72K Bitcoin Surge On The Horizon? 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/ktsl888.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Is A $72K Bitcoin Surge On The Horizon? 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