According to co-founders at analytics company Glassnode, one Bitcoin (BTC), metric could indicate that the crypto currency’s top asset is on the cusp of a significant upward move.
Jan Happel, Yann Allemann and their 63.200 Twitter followers, under the name Negentropic, inform them that Bitcoin Risk Index has reached 100 this weekend.
Its slight retraction could stick. If we continue to see this retraction, we will most likely reach a bottom and the price of Bitcoin would move strongly upward. This has always been the case.
We observe that the price reacts strongly upwards when the risk of major declines retreats after a peak is reached (100) – even though the risk is still high.
Bitcoin Risk Signal measures whether BTC’s price is in danger of falling significantly. Glassnode claims it’s “based on proprietary indicators including bitcoin price, on-chain, and other trading metrics.”
Bitcoin was trading at $56,664 as of the time this article is written. Market cap-based ranking of the top crypto assets has seen a nearly 1% increase in just 24 hours.
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The post Bitcoin: A Strong Upswing and Clear Bottom is Approaching, according to Glassnode’s Founders could be updated as new information becomes available.
