The co-founders of the crypto analytics firm Glassnode believe Bitcoin (BTC) and altcoins are setting the stage for a parabolic move.
Glassnode co-founders Jan Happel and Yann Allemann, who share the Negentropic handle on the social media platform X, say that both Bitcoin and Ethereum (ETH) have printed bull flag patterns.
A bull flag pattern typically signals that the uptrend which was underway prior to a price descent is about to resume.
The co-founders also say that the market capitalization of altcoins appears to have formed a bullish rounding bottom, which in technical analysis is a pattern found at the end of a lengthy downward trend marking a reversal.
“BTC and ETH have broken higher-out of bull flags.
Now altcoins seem to have finalized rounding bottom – and hence begins a new bull market.
*See the details in our in-house chart analysis below.”
The traders also suggest that Bitcoin will head higher after the new US Consumer Price Index (CPI) data shows inflation is cooling.
“Bitcoin experienced a peak at $37,900 on November 9th, only to dip to $36,880 today, erasing weekend gains. Now, all eyes are on the upcoming US Consumer Price Index (CPI) data.
Projections suggest a yearly core CPI inflation of 4.1% and a monthly increase of 0.3%. Considering that higher inflation tends to increase selling pressure on risk assets like Bitcoin, the October CPI report is anticipated to influence BTC’s price trajectory.”
Bitcoin is trading for $35,597 at time of writing, down 2.2% in the last 24 hours.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE3
Click Here to Read the Full Original Article at The Daily Hodl…
