The founders of analytics firm Glassnode say that Bitcoin (BTC<\/a>) is likely about to correct significantly after an over-extended move to the upside.<\/p>\n Glassnode co-founders Jan Happel and Yann Allemann, who share the Negentropic handle on the social media platform X, say that with price and sentiment getting hot, a five-wave correction to lower prices is potentially around the corner.<\/p>\n The analysts target the $58,000 level as a potential support level before BTC can continue higher on a longer-term bull market.<\/p>\n \u201cNothing rallies in a straight line. Not even BTC<\/em><\/p>\n BTC has been on a tear. In late January BTC was at $38,000. In early March it was at $72,000.<\/em><\/p>\n No moves without a counter-move. And a counter-move seems to be near.<\/em><\/p>\n We observe negative divergence \u2013 as BTC has rallied into its highs in a 3-wave structure (a B-wave). Sentiment is hot at $89,000!<\/em><\/p>\n It is time for a COOLER.<\/em><\/p>\n We see BTC dropping to ~$58-$59,000 in its next move. But Top is NOT in.\u201d<\/em><\/p>\n The Glassnode founders also note a divergence between Bitcoin\u2019s relative strength index (RSI), a momentum indicator, and the upward price trend for BTC. Traditionally, when RSI trends in the opposite direction of price, it hints that a reversal may be brewing.<\/p>\n Not all analysts are convinced that a Bitcoin correction is imminent, however. Economist Alex Kr\u00fcger recently predicted<\/a> that BTC would tag somewhere around the $85,000 level before diving into the $55,000 range.<\/p>\n Says Kr\u00fcger,<\/p>\n \u201cBitcoin is in a supercycle (shorter shallower dips).<\/em><\/p>\n Macro is still looking good.<\/em><\/p>\n Crypto markets are heated up and euphoric.<\/em><\/p>\n ETF inflows can sustain and drive prices further regardless.\u201d<\/em><\/p>\n Kr\u00fcger also sees Bitcoin rallying to as high as $85,000 only to witness a 35% devaluation after.<\/em><\/p>\n \u201cCan see something like this: $85,000 => $55,000 => $120,000 => $85,000.\u201d<\/em><\/p>\n At time of writing, BTC is trading at $72,876.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>   Featured Image: Shutterstock\/QalexanderK\/Konstantin Faraktinov<\/em><\/span><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":" The founders of analytics firm Glassnode say that Bitcoin (BTC) is likely about to correct significantly after an over-extended move to the upside. Glassnode co-founders Jan Happel and Yann Allemann, who share the Negentropic handle on the social media platform X, say that with price and sentiment getting hot, a five-wave correction to lower prices […]<\/p>\n","protected":false},"author":2,"featured_media":52192,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-264520","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/264520","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=264520"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/264520\/revisions"}],"predecessor-version":[{"id":264522,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/264520\/revisions\/264522"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/52192"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=264520"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=264520"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=264520"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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<\/p>\nDisclaimer: 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.<\/h6>\n<\/div>\n