Bitcoin (BTC) Has Potential to Surpass $30,000: What Is Needed
Bitcoin, the leading cryptocurrency by market capitalization, could potentially exceed the $30,000 price level if a scenario proposed by Glassnode cofounder is realized.
The cryptocurrency reached a two-month high of $28,999 on Monday, spurred by optimistic adjustments to a spot Bitcoin ETF filing in the United States. This surge has contributed to a weekly gain of over 7%.
However, as of the latest update, Bitcoin has slightly retraced some of these gains, showing a modest increase of 0.11% in the last 24 hours, settling at $28,435.
On social media, Glassnode founder “Negentropic” shared insights regarding Bitcoin’s recent price movements. He highlighted that Bitcoin is currently maintaining a position above the 100-hourly simple moving average, with sustained activity above $28,000.
Further analysis revealed immediate resistance for Bitcoin at $28,550. If Bitcoin surpasses this level and follows through with a break above $29,500, it could potentially reach the $30,000 threshold.
In this favorable scenario, Bitcoin may even exceed $30,000, possibly reaching as high as $30,650, provided the current momentum continues.
In a positive development, the number of wallets holding at least 100 BTC has surged to 15,970, according to on-chain analytics firm Santiment. This milestone aligns with Bitcoin’s recent price increase over the past week, where the category of wallets holding more than 100 BTC has added 115 new accounts since October 13.
Optimism persists surrounding the potential approval of a Bitcoin spot ETF. Galaxy digital head Michael Novogratz anticipates that the U.S. Securities and Exchange Commission will approve exchange-traded funds that invest directly in Bitcoin within this year.