Glassnode believes that Bitcoin will struggle to maintain its upward trend until something more exciting happens among investors.
“Without a renewed catalyst to lift prices back above $117.1k, the market risks deeper contraction toward the lower boundary of this range,” Glassnode said In a Wednesday report.
BitcoinBTCAt the time of publishing,, is currently trading about 5% under the $117,000 price level. according CoinMarketCap.
“Historically, when price fails to hold this zone, it has often preceded prolonged mid- to long-term corrections,” Glassnode noted that recent increases in profits taken by long-term shareholders may be an indication of a possible recession. “demand exhaustion.”
Shubh Varma is the CEO at Hyblock Capital. He told Cointelegraph what he was expecting. “relatively volatile month,” With potential upsides ranging between $116,000 and $120,000.
The price movement is sideways “likely outcome” After a car crash
Varma stated that while “consolidation is the likely outcome” Bitcoin is still showing signs of potential growth despite a recent market collapse.
“ETFs inflows remain quite high, and spot volume seems healthy,” Hyblock explained. Prior to the crypto-market crash that saw Bitcoin briefly drop to $102,000 on Friday, US-based Bitcoin spot ETFs recorded a streak of nine days inflows totaling $5.96billion inflows. according Farside Data.
The prospect of further rate reductions by the US Federal Reserve is another potential catalyst for bullishness. In general, rate reductions are seen as a bullish factor for riskier assets such as cryptocurrency, because they encourage investors to move away from more traditional investments, like term deposits and bonds, that become less appealing in an environment of lower interest rates.
According According to CME FedWatch Tool the markets have priced in a 95.7% probability of another rate reduction at the Fed meeting on October 29.
There are other indicators that suggest “increasingly constructive” Rest of the Year
Matt Mena is the 21Shares Crypto Research Strategist. He said with recent liquidations and policy easing, structural demand has accelerated, the set-up for year’s end appears. “increasingly constructive for digital assets.”
Related: Nasdaq-listed Zeta Network raises $230M in Bitcoin-backed private sale
Mena stated that Bitcoin could be moving towards $150,000 “as macro tailwinds and institutional flows continue to align.”
Other analysts predict higher prices by the end of this year. BitMEX co-founder Arthur Hayes Unchained director of market research Joe Burnett forecasts that the price will be $250,000 at the end of 2025.
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Source: cointelegraph.com
