Bitcoin Entering 'Uncharted Territory' As Glassnode Foresees $32,700 And Beyond
Portfolio Pulse from Mehab Qureshi
Bitcoin (CRYPTO: BTC) could be on the verge of a significant upswing, according to data analytics company Glassnode. The company's co-founders have identified a bullish indicator for Bitcoin, pointing out that the digital currency has navigated critical resistance levels and is demonstrating increased momentum. They centered their analysis on Bitcoin’s Relative Strength Index (RSI), which is currently above 70, suggesting a potential rally. They predict Bitcoin could reach the $32,700 mark before soaring further.
November 06, 2023 | 11:03 am
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Bitcoin's Relative Strength Index (RSI) is currently above 70, suggesting a potential rally. Glassnode predicts Bitcoin could reach the $32,700 mark before soaring further.
Glassnode's analysis, based on Bitcoin's RSI, suggests a potential rally for the cryptocurrency. The RSI is an indicator used to assess asset momentum, and a value above 70 is often seen as a bullish sign. Given Glassnode's expertise in data analytics and the crypto market, their prediction carries significant weight and could influence investor sentiment, potentially driving up Bitcoin's price in the short term.
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