Headline: Glassnode Experts Forecast Positive Momentum for Bitcoin Post Correction
Introduction:
Two co-founders of the renowned crypto analytics platform Glassnode, Jan Happel and Yann Allemann, operating under the alias Negentropic, have hinted at a potential upward trajectory for Bitcoin (BTC) following its recent dip to the low $90,000 range, backed by notable shifts in market dynamics.
Expert Insight:
In a recent update shared with their sizable following of 63,200 on the social media platform X, Negentropic observed a decline in selling activities among long-term holders (LTHs) – those who have held their assets for a minimum of 155 days. They noted that while long-term holders had realized profits close to $100,000, the rate of profit-taking was notably lower compared to the first quarter. This reduced profit realization implies that fewer long-term holders have chosen to exit during this correction phase, potentially indicating that the market has already reached its lowest point.
Market Overview:
At the time of reporting, Bitcoin is hovering around $96,726. The behavior of long-term holders plays a crucial role in the crypto sphere, as they typically liquidate assets during bullish trends. The recent shift in this trend and the moderate profit-taking could signify a stabilizing market gearing up for a recovery.
Analyzing the Impact:
The drop in selling activities among long-term holders signals a possible change in investor sentiment, laying the groundwork for a potential resurgence in Bitcoin’s price. Furthermore, Negentropic’s positive stance on altcoin prospects highlights their optimism towards the Artificial Superintelligence Alliance (FET), currently valued at $1.62 with an 8.1% increase in the last 24 hours. Their strategic approach incorporates a three-point verification checklist, emphasizing the significance of solid fundamentals, a neutral Relative Strength Index (RSI), and price consistency for investment accumulation.
Concluding Remarks:
The insights shared by Glassnode’s co-founders mark a critical juncture for Bitcoin, hinting that the cryptocurrency might have bottomed out during the correction phase. The diminished selling pressure from long-term holders presents a positive sign for market observers. Moreover, the favorable outlook on altcoins like FET could attract more investor curiosity as the crypto sector evolves. Nevertheless, investors are advised to conduct thorough due diligence before venturing into investments within this volatile market landscape.
