Bitcoin (BTC<\/a>) passing $28,000 hints at bullish sentiment, but reclaiming it for good is essential, analysis says.<\/p>\n In an X post<\/a> on Oct. 17, Yann Allemann and Jan Happel, co-founders of on-chain analytics firm Glassnode, described the $28,000 mark as a \u201ccritical milestone\u201d for BTC price.<\/p>\n After snap volatility, which caused Bitcoin to hit $30,000 for the first time since August, the largest cryptocurrency has managed to preserve some of its gains.<\/p>\n At the time of writing, BTC\/USD is circling $28,500, per data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> \u2014 still up around 6% since the weekly open.<\/p>\n For Allemann and Happel, the pair is now at a defining crossroads. <\/p>\n \u201cThe crypto market is hinged on BTC’s ability to breach and consistently maintain a value north of $28k,\u201d part of their commentary stated.<\/p>\n $28,000 has formed a battleground ever since Bitcoin first crossed it in early 2021, and liquidity has traditionally surrounded it as bulls and bears fight to secure control over long-term trajectory.<\/p>\n Data<\/a> from trading suite DecenTrader among others confirms that the status quo remains despite recent BTC price moves \u2014 $28,000 lies in a zone between major longs and shorts of varying leverage.<\/p>\n \u201cWhile this pivotal milestone was momentarily attained on futures, the spot market price peaked at $27.98k earlier today. It’s evident just how crucial this price point is in the larger scheme,\u201d Allemann and Happel added.<\/p>\n \u201cThe rapid movements and these price thresholds aren’t just numbers. They signify investor sentiment, market dynamics. Keep an eye out for the 28k level.\u201d<\/p><\/blockquote>\n As Cointelegraph reported, predictions over what the future will bring for Bitcoin both before and after its next block subsidy halving in April 2024 differ considerably.<\/p>\n Related: Mining BTC is harder than ever \u2014 5 things to know in Bitcoin this week<\/a><\/em><\/strong><\/p>\n In an interview last month, DecenTrader co-founder Filbfilb eyed BTC price galvanizing itself for upside during Q4, possibly reaching $46,000<\/a> by the halving.<\/p>\n Some well-known market participants, however, remain risk-averse. Among them, popular trader Crypto Tony and others are betting on a pre-halving return to $20,000<\/a> for a final local bottom.<\/p>\nGlassnode: “Keep an eye out” for $28,000<\/h2>\n
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Road to Bitcoin halving contested<\/h2>\n
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