Main navigation

Glassnode Co-Founder: $30,000 Next for Bitcoin (BTC), Bears Are Wrong

Tue, 05/02/2023 - 12:57
article image
Arman Shirinyan
Co-founder of one of biggest analytical platforms believes Bitcoin is poised for move up
Glassnode Co-Founder: $30,000 Next for Bitcoin (BTC), Bears Are Wrong
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Glassnode's co-founder recently shared his insights on the future of Bitcoin (BTC), stating that the $30,000 price level is on the horizon, and bears in the market will be proven wrong. With the market currently looking oversold, it seems that a bottom or an uptrend may be imminent.

The analyst emphasized the significance of the $28,000 price point as a battleground for BTC, where either bulls or bears will be proven expensively wrong. In this case, bears are expected to be on the losing side as market indicators point toward an oversold market and a potential uptrend in the near future.

The Glassnode co-founder also presented a chart highlighting the POS and IDD indicators, which show the cryptocurrency market as oversold. These indicators, when combined with the Relative Strength Index (RSI) for Bitcoin hovering around 50, further support the argument for an upcoming price increase.

Charles Hoskinson Celebrates Fall of 5 Major Banks

As the market awaits the next move for Bitcoin, investors and traders must keep a close eye on key indicators and market sentiment to make informed decisions. The oversold market conditions, combined with expert analysis from industry leaders like Glassnode's co-founder, suggest that a price increase to $30,000 is a realistic possibility.

However, it is essential to remember that the cryptocurrency market is highly volatile, and predictions can change rapidly. While expert opinions can provide valuable insights into market trends, investors must also conduct their research and consider multiple factors before making any investment decisions.

At press time, Bitcoin slightly dropped below the $28,000 threshold and currently trades at $27,989, right at the 50-day moving average.

article image
About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.