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Bitcoin Price Trends and Forecasts: A Glassnode Insight

Martin Walker
Sep 16, 2023 at 01:03 pm

Over the course of the past few days, the market has seen Bitcoin's price take a relatively positive turn, commencing this uptrend since Tuesday, the 12th of September.

As of the time of writing this piece, BTC is traversing the trading realm at around the $26,500 mark. It's worth noting a favorable sentiment regarding the cryptocurrency's trajectory voiced by one of the co-founders of Glassnode, a widely recognized cryptocurrency analytics resource.

Consumer Price Index's Significance in Influencing Bitcoin's Value

Drawing a connection between the Consumer Price Index (CPI) and Bitcoin's valuation, the aforementioned co-founder pointed out how the recent 0.6% spike in the US CPI triggered ripples in the BTC market, causing some ebbs and flows.

Moreover, a significant observation stems from the core CPI figures, which factor out the volatility introduced by sectors like food and energy, showcasing a noteworthy yearly increase of 4.3%.

Adding to the intrigue, the general CPI itself presented a figure of 3.7%, slightly surpassing the pre-estimated 3.6%. Interestingly, this piece of news didn't immediately translate into a pronounced impact on the Bitcoin price. Following the expected initial turbulence, the price appeared to stabilize, returning to its pre-announcement trading level.

Foreseeing Bitcoin's Price Trajectory

In terms of forecasting Bitcoin's future price trajectory, let's delve into the insights shared by Glassnode's co-founder through the platform of Twitter.

Drawing attention to the fact that the cryptocurrency has successfully reclaimed support above the $26,000 mark, the co-founder suggests an optimistic outlook, hinting at the possibility of a breakthrough beyond the $27,000 threshold. This anticipated surge is seen as a potential escape from the clutches of a multi-week range.

Furthermore, the expert offered the following conclusion:

A notable decline in the Risk Signal, descending into the 60s, signifies a discernible shift in the prevailing market sentiment. While it's anticipated that there might be profit-taking pressure around the $27,400 and $28,200 levels, this upward trajectory seems strategically poised, serving as a preparatory step before confronting the psychological hurdle at $30,000.

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