• Glassnode co-founder Negentropic believes that a Bitcoin (BTC) bottom has formed, setting the stage for a big rally.
• He bases his prediction on two simple moving averages (SMAs) and the performance of NASDAQ 100 E-Mini Futures.
• The Federal Reserve is expected to pause rather than raise interest rates in June, which is likely to cause Bitcoin to soar to $35,000.
Glassnode Co-Founder Predicts Bitcoin Bottom
Co-founder of the crypto analytics firm Glassnode believes that a Bitcoin (BTC) bottom has formed, setting the stage for a big rally. The pseudonymous crypto analyst Negentropic, one of Glassnode’s co-founders, tells his 54,900 Twitter followers that two simple moving averages (SMAs) are showing a possible breakout.
Two SMAs Indicate Breakout Imminent
According to the analyst, the 200-day SMA has remained a line of support for BTC while the 50-day SMA is on the verge of crossing over the 200 day SMA. This indicates that based on past performance Bitcoin will likely make huge gains any moment now.
NASDAQ Performance Points To Bull Market
Negentropic bolsters his argument by predicting stocks are at the start of a bull market based on a chart from macroeconomist Henrik Zeberg showing NASDAQ 100 E-Mini Futures performance. He points out there is no technical weakness and says five main stocks are currently driving it but it will soon spill over into smaller stocks.
Federal Reserve Interest Rate Hike Paused
The crypto analyst also believes that after Federal Reserve Chair Jerome Powell’s remarks about balancing risk between doing too much and too little, there is likely going to be a pause in June rate hikes instead of an increase which could bring liquidity back into markets and send Bitcoin soaring up to $35,000 level according to Negentropic’s predictions.
Bitcoin Trading Up 1.3% On Day
At time of writing Bitcoin is trading for $27,202 dollars with an increase of 1.3% during last 24 hours as per data from CoinMarketCap.