{"id":27617,"date":"2024-03-14T12:32:08","date_gmt":"2024-03-14T12:32:08","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/glassnode-analyst-quotes-bitcoin-set-for-correction-courtesy-of-parabolic-rise\/"},"modified":"2024-03-14T12:32:08","modified_gmt":"2024-03-14T12:32:08","slug":"glassnode-analyst-quotes-bitcoin-set-for-correction-courtesy-of-parabolic-rise","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/glassnode-analyst-quotes-bitcoin-set-for-correction-courtesy-of-parabolic-rise\/","title":{"rendered":"Glassnode Analyst Quotes Bitcoin Set for Correction Courtesy of Parabolic Rise"},"content":{"rendered":"<p><b>(Originally posted on : Crypto News &#8211; iGaming.org )<\/b><br \/>\n<\/p>\n<div>\n<p>Co-founders of the analytics company Glassnode, Jan Happel and Yann Allemann, often known on social media as Negentropic, are indicating that Bitcoin (BTC) may be due for a correction after its recent spike. The pair believes that there will soon be a change in Bitcoin\u2019s trajectory because prices are rising and feelings are strong.<\/p>\n<p>Happel and Allemann determine that before Bitcoin resumes its <a href=\"https:\/\/igaming.org\/crypto\/bitcoins-surge-to-40000-gains-momentum-between-exchange-exodus\/\">upward<\/a> trajectory in the longer-term bull market, $58,000 is a likely support level. The recent increase of Bitcoin from $38,000 in late January to $72,000 in early March is cited by them as evidence of a possible corrective phase. Their study indicates that there has been a three-wave structure to BTC\u2019s climb, indicating an impending cooling-off period.<\/p>\n<h2>Divergence Indicators and Contrasting Views<\/h2>\n<p>Glassnode\u2019s analysis includes observations on Bitcoin\u2019s Relative Strength Index (RSI), noting a divergence between the RSI trend and BTC\u2019s price movement. Traditionally, such divergences hint at possible reversals in price trends. However, economist Alex Kr\u00fcger offers a contrasting perspective, foreseeing BTC hitting $85,000 before potentially retreating to $55,000. Despite differing views, both analyses reflect the heightened volatility and speculative fervor in crypto markets.<\/p>\n<p>Kr\u00fcger\u2019s broader outlook aligns with a supercycle narrative for Bitcoin, anticipating shallower dips amidst sustained bullish momentum. While acknowledging the possibility of short-term corrections, Kr\u00fcger emphasizes the macroeconomic factors supporting Bitcoin\u2019s upward trajectory, including ETF inflows. His price projections suggest a potential rally to $120,000, followed by a pullback to $85,000, reflecting the dynamic nature of cryptocurrency markets. At time of writing, BTC is trading at $73,089.<\/p>\n<\/p><\/div>\n<p><a href=\"https:\/\/igaming.org\/crypto\/glassnode-analyst-quotes-bitcoin-set-for-correction-courtesy-of-parabolic-rise\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Crypto News &#8211; iGaming.org ) Co-founders of the analytics company Glassnode, Jan Happel and Yann Allemann, often known on social media as Negentropic, are indicating that Bitcoin (BTC) may be due for a correction after its recent spike. The pair believes that there will soon be a change in Bitcoin\u2019s trajectory [&hellip;]<\/p>\n","protected":false},"author":34,"featured_media":27618,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/27617"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=27617"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/27617\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/27618"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=27617"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=27617"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=27617"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}