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 A report was published Wednesday.
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, CEO of Hyblock Capital told Cointelegraph he expected a “relatively volatile month,” Potential upside ranges from $116,000 up to $120,000.
The price movement is sideways “likely outcome” What to do after an accident
Varma did not deny that the situation is a concern. “consolidation is the likely outcome” Bitcoin still has a positive potential momentum despite the recent significant crash in the market.
“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.
A continuation of rate cuts by the US Federal Reserve could also be a bullish factor. The prospect of continued rate cuts from the US Federal Reserve is another potential bullish catalyst.
According According to CME FedWatch Tool the markets have priced in a 95.7% probability of a rate reduction at the Fed meeting on October 29.
Additional indicators “increasingly constructive” The rest of the year
Matt Mena is the 21Shares Crypto Research Strategist. He said with the recent stock liquidations, policy relaxation approaching and the structural demand accelerating the setup for year-end seems to have appeared. “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’s market research director Joe Burnett predicts a $250,000 price by 2025.
Magazine: Sharplink exec shocked by level of BTC and ETH ETF hodling: Joseph Chalom
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Source: cointelegraph.com
