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The largest cryptocurrency by market capitalization, Bitcoin (BTC), has the potential to surpass the $30,000 price level if a scenario painted by Glassnode cofounder "Negentropic" is validated.

Bitcoin surged to a two-month high of $28,999 on Monday after amendments to a spot Bitcoin ETF filing in the United States fueled positive optimism. The advance increased the weekly gain to over 7%.

However, at the time of writing, Bitcoin had given back some of its previous-day gains, rising only 0.11% in the previous 24 hours to $28,435.

On X, Glassnode founder "Negentropic" provides some context for BTC's current price action. He noted that Bitcoin currently hovers above the 100-hourly SMA with its sustained price action above $28,000.

In a further analysis of the price, the Glassnode cofounder spotted an immediate resistance for the BTC price at $28,550. if Bitcoin sustains a break past this immediate barrier and then the $29,500 mark, the price might reach $30,000.

In the event of this scenario, Bitcoin has the potential to surpass $30,000, even reaching $30,650, if the momentum is sustained.

Meanwhile, in another bullish indication, Bitcoin's number of wallets holding at least 100 BTC has jumped to 15,970, on-chain analytics firm Santiment stated in a tweet.

This new milestone coincides with BTC's price increase in the last seven days. The category of Bitcoin addresses holding over 100 BTC saw the addition of 115 new wallets since Oct. 13.

Optimism likewise remains, with the approval of a Bitcoin spot ETF. Galaxy head Michael Novogratz expects the U.S. Securities and Exchange Commission to finally approve exchange-traded funds that invest directly in Bitcoin this year.

About the author

Tomiwabold Olajide

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.