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 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.
Price action that is a sideways movement “likely outcome” After a car crash
Varma says that though “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. US-based Bitcoin ETFs were able to record a 9-day streak inflows of $5.96 Billion before the larger crypto market crash, on which Bitcoin briefly fell to $102,000. 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 positive for cryptocurrencies and other riskier assets. This is because they encourage investors to move away from more traditional investments such as bonds or term deposits.
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.
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.”
While other analysts expect higher values at the year’s end. 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
