As the markets keep changing, Bitcoin and cryptocurrency fans can’t wait to see what the latest results are from Glassnode, a top on-chain data tool. Two of the company’s founders have said something very bold about Bitcoin (BTC), they believe it will soon reach $72,000.
A key level of support for Bitcoin is the 50-day Exponential Moving Average (EMA), which is at $62,000 right now. This was found by Glassnode. People think that this level will keep investors’ trust high and act as a floor that could stop prices from falling any further.
Bitcoin Bulls, Strategic Investment Approach
Even though the market has been volatile lately, it seems to be settling. Short-term EMAs show a buying trend, while long-term EMAs show pressure to sell. This nuanced understanding of how markets work can help buyers find their way around the constantly changing world of cryptocurrency trading.
Because of these findings, Glassnode’s co-founders are pushing for a strategic way to invest, especially when the market is consolidating within a larger bullish trend. They say that people should buy Bitcoin when its price drops temporarily, seeing these times as smart entry points to improve their positions before the expected price rises.
That’s right, Glassnode was right, Bitcoin was selling at $66,673 at the time of this writing. It’s only gone up by 0.76% from yesterday to today, but it’s way up by 4.80% in the last week. In the short term, this means that the trend will be stable and good.
As buyers get ready for possible changes in the market, the co-founders of Glassnode offer advice that sheds light on a scene that is always shifting. People who want to make the most of the crypto market’s potential will have to be very smart and do a lot of study. Bitcoin is about to take an enormous rise to $72,000.
