bitcoin (btc) surpassing $28,000 hints at bullish sentiment, but recovering it for good is essential, according to analysis.
in a x publication On October 17, Yann Allemann and Jan Happel, co-founders of on-chain analytics firm Glassnode, described the $28,000 mark as a “critical milestone” for the price of btc.
Glassnode: “Stay tuned” for $28,000
After sudden volatility, which saw bitcoin hit $30,000 for the first time since August, the largest cryptocurrency has managed to preserve some of its gains.
At the time of writing, btc/USD is hovering around $28,500, according to data from Cointelegraph Markets Pro and TradingView – is still up around 6% from the weekly open.
For Allemann and Happel, the couple is now at a decisive crossroads.
“The cryptocurrency market depends on btc‘s ability to consistently surpass and maintain a value above $28,000,” part of his commentary states.
$28,000 has formed a battleground since bitcoin first crossed it in early 2021, and liquidity has traditionally surrounded it as bulls and bears fight to secure control of the long-term trajectory.
btc” target=”_blank” rel=”noopener nofollow”>Data from the DecenTrader trading suite, among others, confirms that the status quo remains despite the recent btc price movements: $28,000 is in a zone between large long and short positions of variable leverage.
“While this fundamental milestone was momentarily reached in the futures, the spot market price reached a high of $27.98 thousand today. It is evident how crucial this price is in the larger scheme,” Allemann and Happel added.
“The rapid movements and these price thresholds are not just numbers. They signify investor sentiment, market dynamics. Keep an eye on the 28k level.”
Path to bitcoin Halving Is Contested
As Cointelegraph reported, predictions for what the future holds for bitcoin before and after its upcoming block subsidy halving in April 2024 differ considerably.
Related: Mining btc is harder than ever: 5 things you should know about bitcoin this week
In an interview last month, DecenTrader co-founder Filbfilb believed that the price of btc would push higher during the fourth quarter, possibly reaching $46,000 upon halving.
However, some well-known market participants remain risk-averse. Among them, popular crypto trader Tony and others are betting on a pre-halving return of $20,000 for a final local fund.
“Many may shout that they are long right now and caught that move, but if you are not taking advantage of the resistance, you are doing something wrong,” he said. said X subscribers about the recent increase.
“Personally, I won’t be long unless we turn that $28,500 level into support.”
This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.
