Bitcoin has had an eventful week, gaining by over 5% to trade above the $26,000 price. Even following the release of the US Consumer Price Index, which showed an inflation rise of 0.6%, the premier cryptocurrency remained resilient with little to no price drops.
As BTC now hovers around the $26,500 price mark, market analysts and crypto enthusiasts continue to speculate on the token’s next movement.
Notably, co-founders of market intelligence platform Glassnode Jan Happel and Yan Allemann have plotted a possible path through which Bitcoin may return to $30,000 in the coming weeks.
Bitcoin’s Road To $30,000 Marked By Double Price Barriers, Analysts Say
Through a post on their shared account on X, known as Negentropic, the Glassnode co-founders stated that Bitcoin is currently targeting a move above $27,000, having reclaimed its support at $26,000 in the past week.
According to the analysts, the Bitcoin Risk Index has now dipped into the 60s, indicating there is an ongoing shift to a positive sentiment around the asset. This means that more investors are beginning to view Bitcoin as a favorable investment.
The US Consumer Price Index (CPI) jump by 0.6% was expected to stir the BTC price, and it has.
Reclaiming support above $26k, BTC's now eyeing a breakout past $27k, potentially exiting a multi-week range.
Risk Signal's nosedive into the 60s signifies this attitude shift. Profit… pic.twitter.com/BgrMq5Rb62