Bitcoin Poised for Breakout, Say Glassnode Founders

Key Resistance Level

Crypto analysts Jan Happel and Yann Allemann of Glassnode believe Bitcoin (BTC) is on the verge of breaking through a crucial resistance level of $52,000. This could trigger a significant upward move.

Fear of Missing Out (FOMO)

If Bitcoin crosses $52,000 convincingly, traders may experience FOMO and fuel a continuation of the bullish momentum. This could lead to a surge in buying pressure.

Next Resistance Level

According to the analysts, Bitcoin’s next line of resistance in an uptrend is $58,000. They suggest that the cryptocurrency has completed a bullish ABC corrective wave, setting the stage for a five-wave move to the upside.

Corrections Are Normal

While future market corrections are possible, the analysts emphasize that historical price action shows that corrections alone do not necessarily invalidate a Bitcoin uptrend. They point to the “massive pullback” in January 2024 as an example.

Current Price

At the time of writing, Bitcoin is trading at $52,309, up over 1% in the last 24 hours.