Unexpected Explosive Bitcoin Rally in the Cards As BTC Rides Hot Inflation Data: Glassnode Founders - The Daily Hodl

The Daily Hodl
The Daily Hodl

17 Sep 2023 7:04 AM

Bitcoin (BTC) is priming itself for a big move to the upside even amid higher-than-expected inflation data that came in last week, the founders of Glassnode say....

  • Glassnode founders believe that Bitcoin is preparing for a significant upward movement despite higher-than-expected inflation data.
  • Bitcoin has reclaimed the $26,000 level as support and its Risk Signal has decreased.
  • The US Consumer Price Index (CPI) jump of 0.6% was expected to impact Bitcoin's price, and it has.
  • BTC is now aiming to break past $27,000 and potentially reach $30,000.
  • The release of CPI data coincided with a rise in crypto and equities.
  • Glassnode founders predict a longer-term rally for Bitcoin, with a potential rise to $150,000.

The sentiment of the article is positive, as it suggests that Bitcoin is poised for an upward movement despite inflation concerns.

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