Bitcoin, which rose to $ 31,000 in mid-April, has experienced sharp and sudden drops since that day.
While investors wanted to see over $30,000 again in BTC, which is currently consolidated in a certain range, BTC sharing came from Glassnode co-founder Yann Allemann.
Stating that the last consolidation period of Bitcoin may be a sign of significant price movement for BTC, Yann Alleman said that BTC may be on the verge of an explosion to $ 35,000.
In this context, Glassnode co-founder pointed out that Bitcoin consolidated before reaching $35,000, and pointed out that the dollar liquidity in the market has also increased.
Stating that the increase in dollar liquidity is also a sign for the rise of BTC, Alleman said:
“Dollar liquidity in the market is increasing. Is this the trigger for the rise in Bitcoin?
USD market liquidity is slowly increasing and it looks like it has the potential to spark a significant bullish move in BTC.
Could this be the anticipated catalyst for the $35,000 run?"
Liquidity is rising. The trigger for #Bitcoin?
💲 USD market liquidity is slowly rising, holding the potential to ignite significant movement in BTC. 🚀
Could this be the awaited catalyst for the $35k run? 🤔
Stay tuned for exciting developments! 📣💫#CryptoMarket #BTC… pic.twitter.com/UWSmGLBy05
— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) May 17, 2023
Stating that BTC is ready to rise, Alleman wrote in a blog post apart from his Twitter post:
“The long-term trend in Bitcoin indicates the price is going higher, but long-term buyers, i.e. bulls, need to step in.
In addition, the shorts were sold out and extreme fear spread across the market. This often leads to bullish movements.”
Pointing out that Bitcoin has not fallen below SMA50 and SMA 200, which are already solid and important support levels, Alleman stated that SMA 50 has passed SMA 200 and this transition also confirms the upward trend.
*Not investment advice.
