The co-founder of Glassnode recently discussed his predictions for Bitcoin’s (BTC) future, claiming that the $30,000 price level is approaching and that market bears would be disproven. The market appears to be oversold right now, suggesting that a bottom or upswing may be just around the corner.
The expert stressed the importance of the $28,000 price level as a turning point for Bitcoin, where either bulls or bears will be expensively incorrect. As market indicators suggest an oversold market and a potential uptrend in the near term, bears are anticipated to lose out in this situation.
The co-founder of Glassnode also displayed a chart that featured the POS and IDD indicators, which indicate an oversold condition in the bitcoin market. These signs, together with Bitcoin’s Relative Strength Index (RSI), which is now hanging around 50, add to the case for a potential price increase.
Investors and traders must closely monitor key indicators and market sentiment while the market waits for Bitcoin’s next move in order to make wise judgements. The oversold market circumstances and professional analysis from professionals in the field, including the co-founder of Glassnode, point to a price hike to $30,000 as a likely possibility.
But it’s important to keep in mind that the cryptocurrency market is extremely volatile, and expectations can shift quickly. While expert opinions can offer insightful analysis of market trends, before making any investments, investors must do their own research and take into account a variety of factors.
At the time of publication, Bitcoin was trading at $27,989, exactly at the 50-day moving average. This means that it has just barely over the $28,000 mark.
