Glassnode Predicts Bitcoin FOMO Surge, Says $69K Battle Has Begun

Jan Happel and Yann Allemann, co-founders of the crypto analytics platform Glassnode, believe Bitcoin is gearing up for a significant rally. Following a long period of consolidation, Bitcoin appears ready to surpass previous resistance levels. Happel and Allemann, known as Negentropic on X, shared with their 63,200 followers that “the battle for $69,000 is on.”

Breaking Resistance and Eyeing New Highs

A recent chart shared by the Glassnode co-founders shows Bitcoin breaking through a diagonal resistance that had maintained its bearish trend since March. This key breakout suggests that Bitcoin could soon push toward its previous all-time high of $74,000, and perhaps beyond. In a Swissblock report, Happel and Allemann point to the upcoming U.S. presidential election as a potential catalyst for Bitcoin’s rise.

“We don’t rule out that a Trump victory could create FOMO (fear of missing out), but that wouldn’t be the reason for Bitcoin’s price increase,” the duo stated. They added that while a Trump victory could bring excitement, a potential Harris win could stir some temporary FUD (fear, uncertainty, and doubt) as markets adjust. However, they emphasized that FOMO-driven rallies, like a potential “Trump pump,” are always welcomed.

After first opposing cryptocurrencies, Donald Trump has since modified his position and is now in favor of digital assets. He promised to stop the US government from selling the Bitcoin holdings it had taken possession of during the Bitcoin2024 Conference. He suggested keeping the seized property as long-term investments instead.

In the meantime, Glassnode’s on-chain data shows that Bitcoin is strengthening its positive momentum. The Bitcoin Risk Index is 0, indicating a strong price momentum for bitcoin, according to Happel and Allemann. This shows that strong fundamentals are remaining steady and that Bitcoin is in a low-risk, bullish phase.

At the time of writing, Bitcoin is trading at $68,300, down by 0.17% for the day.