Analysis says Bitcoin (BTC) price crossing $28,000 indicates bullish sentiment, but recovering it for good is essential.
In X (formerly Twitter) mail On October 17, Jan Aleman and Jan Hubel, co-founders of on-chain analytics firm Glassnode, described the $28,000 mark as a “critical milestone” for Bitcoin’s price.
Glassnode: “Stay tuned” for $28,000
After sudden fluctuations, which caused Bitcoin to reach $30,000 for the first time since August, the largest cryptocurrency was able to maintain some of its gains.
At the time of writing, BTC/USD is hovering around $28,500, according to data from Cointelegraph Markets Pro and TradingView -Still up about 6% since the weekly open.
For Alleman and Hubble, the duo is now at a crucial crossroads.
“The cryptocurrency market relies on BTC’s ability to breach and consistently maintain a value of up to $28,000,” part of their comment read.
The $28,000 area has been a battleground since Bitcoin first crossed it in early 2021, and liquidity has traditionally surrounded it as bulls and bears battle to secure control of the longer-term trajectory.
Data From trading group DecenTrader, among others, confirms that the status quo remains in place despite the recent BTC price movements, with $28,000 in the area between key buy and sell trades with varying leverage.
“Although this pivotal milestone was temporarily achieved in futures, the spot market price peaked at $27.98K earlier today. “It is clear how important this price point is in the larger scheme,” Aleman and Hubble added.
“These rapid movements and price thresholds are not just numbers. They are indicative of investor sentiment and market dynamics. Keep an eye on the 28K level.”
The path to the Bitcoin halving is disputed
As Cointelegraph reported, expectations about what the future will hold for Bitcoin before and after the block’s next support halving in April 2024 vary widely.
Related: Bitcoin Mining Is Harder Than Ever — 5 Things to Know About Bitcoin This Week
In an interview last month, Filbfilb, co-founder of DecenTrader, looked to stimulate the price of Bitcoin higher during the fourth quarter, potentially reaching $46,000 by the halving.
However, some well-known market participants remain risk averse. Among them, popular Crypto trader Tony and others are betting on the pre-halving return of $20,000 to reach an eventual local bottom.
“Many can scream that they are ‘buy now’ and have spotted this move, but if you don’t take profits here at resistance, you are doing something wrong.” Tell X subscribers about the recent boom.
“Personally, I won’t last long unless we turn the $28,500 level into support.”
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.