Jan Happel and Yann Allemann, co-founders of popular crypto analysis platform Glassnode, claim that the largest cryptocurrency Bitcoin (BTC) is at a crucial turning point. The duo closely monitoring the cryptocurrency market believes that Bitcoin is in a significant accumulation phase that will result in a major move.
“Investors Should Be Ready for a Defining Price Movement in Bitcoin”
Jan Happel and Yann Allemann, using their joint X account, stated that Bitcoin is in a major accumulation phase that will result in a significant move in the future:
We are moving in a directionless and uncertain market. The rise in the price of BTC found balance at $25,824 and seems to be forming a potential launching pad. Multiple bounces from $25,000 clearly reflect ongoing accumulation.
However, neither bulls nor bears are dominant. There is a big battle going on. Why? The upward momentum may be losing its strength. It is time to be ready for a defining price movement.
In a previous tweet, the two co-founders drew the outlines of two levels that can determine whether BTC will show an upward or downward trend in the future. They stated that the range of $25,800 to $26,800 is crucial in the medium-term outlook and that the critical support zone under possible selling pressure is between $23,800 and $24,800.
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Altcoins Pose a Threat
Glassnode co-founders also evaluated the altcoin market and warned investors. According to the duo, investors should minimize the weight of altcoins in their investment portfolio. Happel and Allemann added the following:
Small and medium-sized altcoins are under slight selling pressure. BTC, ETH, and major market cap cryptocurrencies are in an uncertain zone. The sideways movement of prices does not guarantee a strong upward movement.
The safest time to buy altcoins is when the price of Bitcoin starts moving upwards, this movement is stable, and the reversal of the downtrend is confirmed.
