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 pointed out that long-term investors have been taking more profits in the recent past, and this could be a sign of trouble. “demand exhaustion.”
Shubh Varma is the CEO at Hyblock Capital. He told Cointelegraph what he was expecting. “relatively volatile month,” Potential upside ranges from $116,000 up to $120,000.
Price action that is a sideways movement “likely outcome” After a car crash
Varma stated that Varma 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 added. 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, 21Shares’ crypto analyst, said the year-end setup appears to be in place with recent liquidity, policy ease approaching and structural demand increasing. “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.”
While other analysts expect higher values at the year’s end. 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
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: cointelegraph.com
