Bitcoin has had an eventful week, gaining by over 5% to trade above the $26,000 price. Even following the release of the US Consumer Price Index, which showed an inflation rise of 0.6%, the premier cryptocurrency remained resilient with little to no price drops.
As BTC now hovers around the $26,500 price mark, market analysts and crypto enthusiasts continue to speculate on the token’s next movement.
Notably, co-founders of market intelligence platform Glassnode Jan Happel and Yan Allemann have plotted a possible path through which Bitcoin may return to $30,000 in the coming weeks.
Bitcoin’s Road To $30,000 Marked By Double Price Barriers, Analysts Say
Through a post on their shared account on X, known as Negentropic, the Glassnode co-founders stated that Bitcoin is currently targeting a move above $27,000, having reclaimed its support at $26,000 in the past week.
According to the analysts, the Bitcoin Risk Index has now dipped into the 60s, indicating there is an ongoing shift to a positive sentiment around the asset. This means that more investors are beginning to view Bitcoin as a favorable investment.
The US Consumer Price Index (CPI) jump by 0.6% was expected to stir the BTC price, and it has.
Reclaiming support above $26k, BTC’s now eyeing a breakout past $27k, potentially exiting a multi-week range.
Risk Signal’s nosedive into the 60s signifies this attitude shift. Profit… pic.twitter.com/BgrMq5Rb62
— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) September 15, 2023
If these sentiments translate into buying pressure, Bitcoin could embark on an upward trend. However, the Glassnode co-founders predict the token will face significant resistance at $27,400 and $28,200, as traders could opt to take profit at these price levels.
However, the analysts predict BTC will eventually overcome these barriers, pushing through to the $30,000 price mark, which they described as a “psychology barrier.”
The last time Bitcoin traded above $30,000 was back in July. Since then, the world’s largest cryptocurrency has seen its price decline by over 17% due to multiple events, most notably, the massive Bitcoin sell-off by aerospace company Space X.
Is A Bitcoin Rally Coming?
In other news, data from Into The Block shows that Bitcoin’s transaction fees for this week were valued at $6.3 million, representing a 40% increase on the last week.
While a rise in transaction fees could represent network congestion, which is known to drive network users away, it could also mean there is a high level of adoption.
Furthermore, Into The Block also reported that Bitcoin recorded exchange inflows of $10 million and outflows of $70 million.
The high level of Bitcoin being moved off exchanges indicates rising investors’ interest in the cryptocurrency, which could also translate into a notable price gain.
However, it is worth stating that these are only predictions and should not be counted as investment advice.
At the time of writing, Bitcoin trades at $$26,537 with a 0.33% loss in the last day based on data from CoinMarketCap. The token’s daily trading volume is also down 12.86% and valued at $11.25 billion.
BTC trading at $26,516 on the hourly chart | Source: BTCUSD chart on Tradingview.com
Featured image from Pixabay, chart from Tradingview