After a prolonged consolidation period, Bitcoin is showing signs of moving toward new highs, with Glassnode founders Jan Happel and Yann Allemann making bold price predictions. Their technical analysis, coupled with the effects of the upcoming U.S. presidential elections, suggests that BTC could test the $74,000 level.
Bitcoin Breaks Key Resistance, Prepares for Major Move
Happel and Allemann believe that Bitcoin has overcome a significant resistance level that has been holding back price movements since March 2023. This technical breakthrough could signal a major upward trend for Bitcoin, according to the latest report from Glassnode. The report highlights that Bitcoin is poised to test the $74,000 mark, with the potential to reach new all-time highs.
Could the U.S. Elections Boost Bitcoin?
The upcoming U.S. presidential elections are another factor that could heavily impact Bitcoin. The Glassnode founders emphasize that election results could have significant consequences for the crypto market. A potential Donald Trump victory could trigger a FOMO (fear of missing out) wave in the markets. Trump, who has shifted from his previous anti-Bitcoin stance, now appears more supportive of digital assets. This change in position could spark a buying frenzy among investors.
During the Bitcoin2024 Conference, Trump stated that instead of selling government-held Bitcoin assets, he plans to hold them as investments. While this has created a positive buzz among crypto investors, Happel and Allemann caution that these effects could be temporary. Although Trump’s campaign promises offer hope, there remains uncertainty about how his policies will impact the markets. Still, a short-term “Trump rally” for Bitcoin is not out of the question.
Technical Analysis Shows Positive Signals for Bitcoin
From a technical perspective, the Glassnode founders see strong bullish signals for Bitcoin based on on-chain data. The Bitcoin Risk Index currently stands at zero, indicating low market risk. In addition, Bitcoin’s price momentum is moving upward, while key indicators remain neutral, suggesting that the price could rise even further. These factors indicate that Bitcoin is in healthy growth mode and has the potential to reach higher levels in the near future.
According to Happel and Allemann, Bitcoin is not only breaking through technical barriers but also overcoming important psychological hurdles for investors. With the potential market movements triggered by the U.S. elections and the positive signals in Bitcoin’s on-chain data, a new price record for BTC may be within reach.
As Turkish NY Radio reports, the combination of technical developments, investor sentiment, and upcoming political events could drive Bitcoin to new heights. Investors should keep a close eye on the U.S. elections, which may spark a Bitcoin rally in the coming months.
