Bitcoin (BTC) breaking through $28,000 hints at bullish sentiment, but a permanent recovery of Bitcoin is crucial, analysts say.
in a X posts On October 17, Yann Allemann and Jan Happel, co-founders of on-chain analytics company Glassnode, described the $28,000 mark as an “important milestone” for the price of BTC.
Glassnode: “Keep an eye on it,” $28,000
The largest cryptocurrency managed to hold on to some of its gains after wild swings saw Bitcoin hit $30,000 for the first time since August.
As of this writing, the BTC/USD price is around $28,500, according to data from Cointelegraph Markets Pro and Cointelegraph Markets Pro. trading view — Still up about 6% since the weekly open.
For Aleman and Happel, they are now at a decisive crossroads.
“The cryptocurrency market depends on BTC’s ability to break through and sustain a value above $28,000,” part of their commentary stated.
$28,000 has been a battleground since Bitcoin first topped $28,000 in early 2021, with liquidity traditionally surrounding it as bulls and bears battle for control of the long-term trajectory.
data Trading suite DecenTrader and others have confirmed that despite recent BTC price volatility, the status quo remains – $28,000 lies in the area between major longs and bears of varying leverage.
“While futures have temporarily reached this key milestone, spot market prices peaked at $27,980 earlier today. It’s clear how important this price point is in the greater scheme of things,” Alleman and Happel added road.
“The rapid moves and these price thresholds are more than just numbers. They represent investor sentiment and market dynamics. Keep an eye on the 28k level.”
Bitcoin’s Road to Halving is Controversial
As Cointelegraph reported, predictions for Bitcoin’s future before and after the next block subsidy halving in April 2024 vary widely.
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In an interview last month, DecenTrader co-founder Filbfilb believed that BTC prices would rise in the fourth quarter and could reach $46,000 by the time of the halving.
However, some prominent market players remain risk-averse. Among them, popular trader Crypto Tony and others are betting that pre-halving returns will reach $20,000 to form an eventual local bottom.
“A lot of people are probably screaming that they’re long now and caught this move, but if you’re not taking profits at resistance, you’re doing it wrong,” he Tell X subscribers have surged recently.
“I personally wouldn’t go long unless we turn the $28,500 level into support.”
This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should do their own research when making decisions.
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