- Bitcoin
analysis shows zero risk zone, according to Glassnode founder Yann Allemann - Bitcoin accumulation between $29,640 and $31,250 suggests upward movement
- Possible resistance levels at $33,000 and $34,850, with support at $29,640 and $28,230
In a recent social media post, Yann Allemann, the founder of Glassnode, shared an analysis of Bitcoin that caught the attention of investors. The analysis included the current risk table of Bitcoin provided by Swissblock, indicating that we are currently in the zero risk zone. Allemann argued that the zero risk zone supports upward movements in the price of Bitcoin.
Bitcoin Analyst Yann Allemann Predicts Short-Term Price Target
Allemann also implied that Bitcoin has been accumulating strength between $29,640 and $31,250.
In his analysis, Allemann emphasized the likelihood of Bitcoin surpassing $31,250 and set a target of $33,000 and $34,850 as resistance levels. He also outlined potential support levels at $29,640 and $28,230 in case of a downward scenario. Allemann highlighted that a potential drop would present an opportunity to accumulate Bitcoin.
Earlier, Allemann had made a similar bullish prediction centered around Ethereum (ETH).
According to CMC data, Bitcoin has experienced a 1.1% decrease in the last 24 hours and is currently trading at $30,302.
Bitcoin Analysis Points to Zero Risk Zone
The analysis of Bitcoin conducted by Yann Allemann, the founder of Glassnode, indicates that the current position of Bitcoin is in the zero risk zone. This suggests that the market conditions are favorable for upward movements in the price of Bitcoin. The analysis is based on the risk table provided by Swissblock, a reliable source in the cryptocurrency industry.
Accumulation Phase and Potential Resistance Levels
Allemann’s analysis also highlights the accumulation phase of Bitcoin between the price range of $29,640 and $31,250. This indicates that Bitcoin has been gathering strength and preparing for a potential upward movement. Additionally, Allemann sets $33,000 and $34,850 as resistance levels to watch out for, suggesting that Bitcoin may face some challenges in surpassing these levels.
Support Levels and Opportunity for Accumulation
In case of a downward scenario, Allemann identifies $29,640 as the closest support level for Bitcoin. If this level fails to hold, the next support level is expected to be at $28,230. Allemann emphasizes that a potential drop in the price of Bitcoin should be seen as an opportunity to accumulate more Bitcoin, as it presents a favorable entry point for investors.
Overall, Yann Allemann’s analysis provides valuable insights into the short-term price target of Bitcoin and the potential movements in the market. It is important for cryptocurrency enthusiasts to stay informed about such analysis to make informed investment decisions.
