Bitcoin is showing signs of strength and could be on its way to breaking its all-time high, according to crypto analytics platform Glassnode.
Bitcoin Breaks Resistance, Eyes All-Time High
The founders of Glassnode, Jan Happel and Yann Allemann, believe Bitcoin has overcome a major hurdle and is now poised for a significant rally. They point to a recent breakout above a key resistance level that had been holding Bitcoin back since March. This breakout, they say, opens the door for Bitcoin to reach its previous all-time high of $74,000 and potentially even higher.
US Election Could Fuel Bitcoin FOMO
The upcoming US presidential election could be a major catalyst for Bitcoin, according to the Glassnode team. They suggest that a potential victory for Donald Trump could spark a “fear of missing out” (FOMO) frenzy among investors, driving up Bitcoin’s price.
While they acknowledge that a Trump victory could lead to increased market volatility, they believe his stance on cryptocurrencies could be positive for Bitcoin. Trump has recently shifted his stance on crypto, advocating for holding seized Bitcoin as an investment rather than selling it on the open market.
Bitcoin’s On-Chain Data Show Strength
Happel and Allemann also highlight Bitcoin’s on-chain data, which they say indicates a strong bullish momentum. They note that Bitcoin’s risk index is currently at zero, suggesting a low-risk environment for investors.
With Bitcoin currently trading above $69,000, the experts believe the battle for new all-time highs is on.
