Bitcoin Just $1000 Away From Breakout Threshold Before Rebounding To All-Time High? Glassnode Founders Say 'Momentum Is On The Rise'

Glassnode founders Jan Happel and Yann Allemann, who share the Negentropic handle on the social media platform X, on Monday, said that Bitcoin BTC/USD is eyeing an initial surge to $57,000 as it sets its trajectory towards new all-time high levels.

What Happened: Glassnode co-founders on X said, "BTC now seems to finally break out from the range it has been in since Feb. 15. Momentum is moving up strongly. All sails are set. Next level is 57-58 – before ATH.”

On Nov. 8, 2021, Bitcoin achieved its highest all-time price, soaring to $69,000.

Happel and Allemann on Sunday noted the significance of the Ethereum ETH/USD versus Bitcoin (ETH/BTC) ratio. They suggest that the upswing of this ratio after a prolonged period of stabilization may indicate a favorable outlook for alternative cryptocurrencies (altcoins). Their commentary included, “Altcoins will soar. All points to a blow-off top as suggested by Henrik Zeberg.”

The rise in BTC price comes due to several factors, such as consistent inflows into spot Bitcoin Exchange-Traded Funds (ETFs), the supply halving, and a generally buoyant attitude amongst investors, both retail and institutional.

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Why It Matters: The rally in BTC price also comes as Bitcoin futures, as reported by Coinglass, has seen a surge of 102% since mid-October, now standing at $23.43 billion.

This number is inching closer to the record $24 billion set in November 2021, when BTC was trading at an all-time high of over $69,000.

Meanwhile, MicroStrategy, a corporate investor in Bitcoin, also saw a substantial increase in its holdings’ value. Following the addition of 3,000 BTC, the company’s total haul of 193,000 BTC ballooned from $10.28 billion to $10.9 billion.

Price Action: At the time of writing, BTC was trading at $56,532, up 10% in the last 24 hours, according to data from Benzinga Pro.

Photo Courtesy: Shutterstock.com

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