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Glassnode founder Yann Allemann points to critical level, suggests Bitcoin could see unprecedented move.
On May 28th, Glassnode founder Yann Allemann analyzed Bitcoin’s on-chain data in a social media post. Looking at the data, the founder stated that the $72,000 level is still a strong resistance point and that if this level is exceeded upwards, a unique movement could be seen.
Emphasizing that the upward wave that will occur within this scenario could carry the price to a new all-time high (ATH), he pointed to $75,000.
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On the other hand, he reminded that the $72,000 level has been tested 3 times this week, but the sell wall is still strong.
He stated that if Bitcoin continues to consolidate between $64,000 and $72,000, it would open the door to altcoin rallies:
We are currently expecting Bitcoin to trade between $64,000 and $72,000, giving altcoins a chance to shine. The $72,000 to $74,000 range is marked by high supply and selling pressure. However, a sudden breach here could trigger a short squeeze and propel Bitcoin to unprecedented levels.