Jan Happel and Yann Allemann, founders of analytics firm Glassnode, say Bitcoin $56,474.79He stated that the price of (BTC) could see a strong rise. In a statement to their followers on the social media platform X, they stated that the Bitcoin Risk Index reached 100 over the weekend.
Bitcoin Risk Index and Price Relationship
Happel and Allemann said that the Bitcoin Risk Index has shown a slight pullback after reaching 100, which historically indicates that the price is moving upwards. In cases where the Risk Index peaks and then declines again, the Bitcoin price has usually risen strongly.
Importance and Scope of the Index
The Bitcoin Risk Signal is an indicator that helps assess whether BTC is at risk of a major price drop. Glassnode notes that this index is based on a set of proprietary indicators consisting of Bitcoin price data, on-chain data, and other trading metrics.
Current Status
The report states that Bitcoin is trading at $57,664 at the time of writing. This crypto asset, which ranks highest by market value, has increased by approximately 1% in the last 24 hours.
According to Glassnode’s analysis, a Bitcoin Risk Index reaching 100 followed by a slight pullback could be a sign of a strong upward movement in BTC price. Historical data shows that in such cases, the price usually moves upwards. Investors are advised to watch such signals carefully, as there is a risk of a major price drop.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
