• Glassnode co-founders Jan Happel and Yann Allemann believe Bitcoin (BTC) could bottom out after one of two possible scenarios.
• The analysts are looking at either a slow bleed to $24,800 -$25,000 or a fast, aggressive wick that gets bought up fast.
• Pseudonymous crypto strategist Rekt Capital says Bitcoin looks weak after printing a bearish double-top pattern.
Glassnode Co-Founders Predicts Bitcoin Bottom
The co-founders of the crypto analytics firm Glassnode, Jan Happel and Yann Allemann, believe that a Bitcoin ( BTC ) bottom could form after one of two things occur following the market downturn. According to Happel and Allemann, Bitcoin could either gradually drop to the $25,000 range or witness a severe liquidation event before bottoming out.
Risk Signal at 100
When the Risk Signal hits 100, Glassnode analysts have seen two short-term scenarios play out in the past: 1) Slow bleed to $24,800-$25,000; 2) Fast and aggressive wick that gets bought up fast. They expect that whichever scenario plays out will result in a bottom shortly thereafter.
Bearish Double Top Pattern
Pseudonymous crypto strategist Rekt Capital is also weighing in on BTC’s current state. According to their assessment of BTC’s charting patterns, it appears that BTC has printed a bearish double top pattern which indicates weak buy side pressure around certain price points as evidenced by lack of reaction when those supports were broken.
Bitcoin Price Action
At time of writing, Bitcoin is trading for $26,028 down 2.3% in the last 24 hours.
Though both Glassnode’s co-founders and Rekt Capital agree that Bitcoin may soon reach its bottom point in either of two scenarios described above (slow bleed or fast buy up), only time will tell for sure if this prediction will come true or not and how far down it will go before reaching its floor level again.