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Bitcoin Rally May Be “Brewing”: Glassnode Co-Founder

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Mon, 25/09/2023 - 18:16
Bitcoin Rally May Be “Brewing”: Glassnode Co-Founder
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Yann Allemann, co-founder of analytics firm Glassnode, suggests there may be a brewing rally for Bitcoin (BTC) despite the recent market turbulence and prevailing bearish trends. 

The current market conditions are marked by Bitcoin’s struggle to sustain above the $26,000 support level after a descent from highs over $27,500. 

Still, Allemann, along with other market analysts, sees potential for optimistic market movements and significant gains, citing historical data and market patterns that point to October as a favorable month for Bitcoin.

Bitcoin's breakout month 

Presently, Bitcoin is navigating through a bearish zone after its failure to break the $27,500 resistance zone and falling below crucial support levels. 

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The existing trend can be attributed to an overall lack of liquidity and the reluctance from regular investors, who fear substantial losses should the values dip below the $25,000 mark

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However, historical precedents and market patterns hint at the arrival of bullish trends in October that are reminiscent of notable market movements such as the China pump in 2019. This creates a contrast between current bearish trends and potential future bullishness.

Q4 revival? 

Matrixport, a notable crypto service provider, adds to the optimistic narrative, projecting that Bitcoin could potentially reach $37,000 by the end of 2023. The prediction is rooted in the flagship cryptocurrency's typically strong performance in the final quarter.  

Bitcoin is currently sitting slightly above the $26,000 level, according to CoinGecko data. 

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