Bitcoin (BTC) Has Potential to Surpass $30,000: Here’s What Is Needed

The largest cryptocurrency by market capitalization, Bitcoin, could potentially exceed the $30,000 price level if the scenario articulated by Glassnode cofounder “Negentropic” comes to fruition.

On Monday, Bitcoin surged to a two-month high of $28,999 following positive developments related to a spot Bitcoin ETF filing in the United States. This price increase marked a weekly gain of over 7%.

However, as of the latest updates, Bitcoin has retraced some of its gains, recording a modest rise of 0.11% over the past 24 hours, bringing its price to $28,435.

In a recent analysis, “Negentropic” provided insights into Bitcoin’s current price trends. He pointed out that Bitcoin is currently positioned above the 100-hourly simple moving average, maintaining its price above the $28,000 level.

According to his analysis, immediate resistance for Bitcoin is observed at $28,550. Should Bitcoin manage to break through this resistance and subsequently surpass the $29,500 threshold, it could pave the way for a rally toward $30,000. In this optimistic scenario, Bitcoin might even reach $30,650 if the upward momentum continues.

In another positive development, the number of Bitcoin wallets holding at least 100 BTC has risen to 15,970, as reported by on-chain analytics firm Santiment. This increase aligns with Bitcoin’s price rise over the past week, with 115 new wallets added to the 100+ BTC category since October 13.

There remains significant optimism surrounding the potential approval of a Bitcoin spot ETF. Galaxy head Michael Novogratz believes that the U.S. Securities and Exchange Commission may finally grant approval for exchange-traded funds that invest directly in Bitcoin within this year.