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The crypto market is riddled with volatility and unexpected twists and turns. In a situation like this, it’s common for analysts and experts to be on either side of the fence- some remain bullish, whilst others are bearish.
Glassnode co-founder Yann Allemann has uncovered exciting evidence suggesting that Bitcoin is on the brink of an explosive price surge. As the leading cryptocurrency consolidates around the $26,800 mark, is it possible for bulls to take over?
Factors Pointing to a Bullish Breakout
Despite prevailing market fears, Bitcoin has maintained a steady range between $26,500 and $27,100, setting the stage for a potential price rally. He highlights several key factors that support this optimistic outlook:
Exhausted Short-Sellers: A growing number of short-sellers are throwing in the towel, sensing the impending shift in Bitcoin’s fortunes.
Robust Support Levels: Bitcoin’s price has consistently held above the 50 and 200 Simple Moving Averages (SMAs), reinforcing strong support levels that have withstood multiple tests.
Bullish Trend Confirmation: The recent “golden crossover” event, with the 50 SMA crossing above the 200 SMA, signals a bullish trend in the making.
Tightening Bollinger Bands: The tightening of Bollinger Bands indicates an upcoming significant market move, adding to the anticipation of a surge.
Short Sellers Exhaustion
The analyst effectively argues that Bitcoin’s ongoing consolidation is depleting short sellers, enhancing the prospects of an upward surge in its price. However, caution is still advised as the Relative Strength Index (RSI) has yet to exhibit clear momentum indicators for the anticipated rally, introducing an element of uncertainty to this exciting narrative.
At the time of writing, Bitcoin is trading at $27,381.60, with a 24-hour trading range spanning $26,590.05 to $27,416.89. The cryptocurrency has already witnessed a thrilling 1.5% surge, fueling excitement among market participants.