Bitcoin Indicator Backed By Founders Of Top Crypto Data Analytics Firm Predicts Bullish Trends

Christian Encila

1 year ago

3 mins read

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Bitcoin (BTC) enthusiasts are keeping a close eye on the latest market trends, and the recent insights from Glassnode’s co-founders, Jan Happel and Yann Allemann, have stirred up a new wave of excitement.

The duo, known by their Negentropic handle on the social media platform X, have shared some compelling perspectives that shed light on the current dynamics of the BTC market.

Bitcoin’s market demand has outpaced its supply, a clear sign of robust positive momentum.

In just one day, a whopping 700,000 new BTC addresses joined the network. This expansion is considered one of the most reliable indicators for price predictions.

With fewer BTC coins… pic.twitter.com/zAcgFc9LkS

— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) November 6, 2023

Surging Market Demand And Supply Imbalance

Happel and Allemann’s recent observation of the surging market demand outpacing BTC’s supply has triggered a wave of optimism among investors. They emphasized the remarkable influx of a staggering 700,000 new BTC addresses within a single day, highlighting this expansion as one of the most promising indicators for BTC price predictions.

As the number of BTC coins in circulation decreases, the co-founders anticipate an upward pressure on buying bids, potentially driving the BTC price even higher.

As of now, the current price of BTC, according to CoinGecko, stands at $35,255, with a 2.0% gain in the last 24 hours and a 2.7% increase over the past week.

Source: Glassnode

Unpredictable Shifts In Market Dynamics

A closer look at the current state of the BTC market reveals a dynamic landscape where buyers are expected to embrace a proactive approach, potentially entering the market without waiting for significant dips.

The co-founders’ analysis suggests that the rapid pace at which BTC is evolving has created an environment where investors are compelled to make timely decisions, leading to an intensified buying spree and consequent upward pressure on the cryptocurrency’s valuation.

The recent surge in the utilization of Bitcoin futures and options has captured the attention of both the media and seasoned investors. Glassnode’s Happel and Allemann speculate that this increasing demand for leverage is primarily fueled by investors’ anticipation of two highly bullish catalysts slated for 2024.

Bitcoin currently trading at $35K level today. Chart: TradingView.com

The first catalyst revolves around the long-awaited potential for a spot BTC Exchange-Traded Fund (ETF), a development that could significantly boost institutional adoption and drive further demand for BTC.

Secondly, the prospect of the Bitcoin halving event has emerged as another powerful incentive, drawing the attention of investors who anticipate a subsequent scarcity-driven price surge.

As the BTC market continues to evolve and capture the attention of both seasoned investors and newcomers alike, the observations and insights shared by Glassnode’s co-founders serve as valuable signposts, guiding market participants through the intricate maze of cryptocurrency investments and market dynamics.

The latest developments in the world of Bitcoin point to a market in which demand is outstripping supply, potentially setting the stage for a bullish run.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Shutterstock

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.