Glassnode Predicts Relative Strength Index to Trigger a Strong Rally in Bitcoin (BTC)

Author: COINTURK NEWS

Jan Happel and Yann Allemann, co-founders of the data and analytics platform Glassnode, predict that an important catalyst could initiate a strong rally in Bitcoin (BTC). They also warned that the expected rise in altcoins may not occur before the end of the summer.

Relative Strength Index Expected to Trigger the Rise in Bitcoin

Jan Happel and Yann Allemann, co-founders of Glassnode, who share the username Negentropic on X (formerly known as Twitter), believe that a drop in the Relative Strength Index (RSI) below 37 will trigger a strong rally in BTC. The RSI, which is scaled between 0 and 100, is typically considered a bullish signal when it falls below 30 and a bearish signal when it surpasses 70.

Highlighting the support level at $28,500 and significant buyer accumulation around it, the co-founders of Glassnode stated, “Bitcoin’s RSI indicates that it could retest the $28,500 bottom level. The RSI has been hovering between 37 and 50 for a while now. A value below 37 in RSI could be a trigger for a strong comeback. Buyers seem to concentrate between $28,500 and $27,800. Could this be the catalyst for the next upward movement?”

As of the time of writing, the largest cryptocurrency Bitcoin is trading at $29,375 with a 0.36% decrease in the last 24 hours. For the crypto king to reach the indicated bottom area at $27,800, it needs to lose approximately 5.5% of its value.

Date Revealed for the Rise of Altcoins

Jan Happel and Yann Allemann, co-founders of Glassnode, who also evaluated altcoins, stated that altcoins can only struggle in the midst of a decline in BTC’s price unless a “surprising catalyst” emerges, and they can only rise after the summer.

In their altcoin analysis, they asked the question, “After BTC’s rise above $30,000 this week, the real question should be whether it can continue. With the exception of altcoins such as Solana (SOL), Toncoin (TON), and Hedera (HBAR), which have gained between 6% and 9% overnight, altcoins are merely struggling. As BTC falls, altcoins feel the pressure deeply. Unless a surprising catalyst emerges, we expect a strong driving force for altcoins after summer.”