According to Data, Bitcoin Price Appears Ready for an Upward Trend!

  • According to Glassnode’s latest update, BTC prices are moving tightly and the “volatility spread” is compressed.
  • Glassnode says Bitcoin has entered a new phase where it is likely to experience high volatility.

According to information from a leading blockchain analytics company, the Bitcoin price may have entered a transition period for a bull run!

Bitcoin May Be Preparing for a Rise!

Bitcoin (BTC) (36)

Leading crypto analytics company Glassnode says a series of chain-based metrics now show that Bitcoin is preparing to move into a new price range.

According to Glassnode’s latest update, BTC prices are moving tightly and the “volatility spread” is compressed, indicating that Bitcoin is ready to break its current equilibrium.

With BTC consolidating in a narrow range for almost two and a half months, Glassnode says Bitcoin has entered a new phase where it is likely to experience high volatility. The company notes that a potential short-term upward target could be at the $33,500 level, where many investors who bought in 2021 and 2022 would take profits;

“The Active Investor Cost Base is currently trading at the $33.5k level, providing a capped short-term upper bound price model that only accounts for investors actively participating in the market. When the Active Investor MVRV (market value realized value ratio) is at 0.83, it indicates that many investors who bought in 2021-2022 are still in the red and may wait for profit thresholds to liquidate their positions. Breaking above $33.5k shows that the average investor in the 2021-2022 cycle is now back in profit and reflects a psychological area of interest.”

bitcoin-uzun-vadeli-yatırımcılar

By analyzing the cost base of long-term investors (LTHs), i.e. organizations that hold their cryptos for at least 155 days, Glassnode divides the bull market cycle into four stages – capitulation, transition, balance, and excitement.

According to the company, Bitcoin’s market cycle is currently in the “Transition” stage, with BTC trading slightly above LTHs’ cost base;

“The current market has reached the Transition stage, indicating a local increase in LTH spending levels this week. Depending on which direction volatility breaks next, we can use this tool to identify local periods of overheated conditions as observed through the eyes of Long Term Holders.”

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.
spot_imgspot_imgspot_imgspot_img

Latest News

Bitcoin (BTC) is “Super Cheap” at $69k: Adam Back Rejects Post-Halving Crash Predictions

Legendary cypherpunk and Blockstream CEO Adam Back offers a contrarian view on Bitcoin's price action. Get expert insights on market sentiment, halving predictions, and BTC's long-term value potential.

Ethereum’s Pectra Upgrade: Enhanced UX, Wallet Innovation, and Community Debate (ETH)

The Ethereum Pectora upgrade promises a revolution in wallet functionality. Get insights on the debate surrounding its groundbreaking features and their potential impact on the Ethereum ecosystem.

Bitcoin (BTC) Price Retreats Amid Gold’s Record Surge; Analysts Eye Re-accumulation Phase

Find out why Bitcoin's momentum stalled as gold soared to new highs. Explore expert insights on BTC's price trajectory and the significance of re-accumulation patterns.

Litecoin (LTC) Surges in Popularity, Surpassing 5 Million Long-Term Holders

Discover the reasons behind Litecoin's surge in popularity and why investors are increasingly choosing LTC for long-term holdings. Get insights into the future potential of this established cryptocurrency.

Bitcoin Nears Bullish Breakout – Pi Cycle Top Metric Hints at Potential Price Surge

Get the latest insights on Bitcoin's price action, the significance of the Pi Cycle Top metric, and expert predictions for potential price movements.
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Bitcoin BTC’s Path to Recovery: Will the Upcoming Halving Trigger a Rise Above $71,400?

This analysis delves into Bitcoin's immediate future as it approaches a critical halving event, exploring potential movements above key resistance levels.

Bitcoin (BTC) Surges Past $70k: Could $75k be the Next Target?

Bitcoin (BTC) has made a decisive move above $70,000, indicating bullish momentum. This article delves into the factors driving the surge, technical analysis, and what investors should watch for in the near term.

NEO Launches Uptrend to $25! Current NEO Analysis

Analyzed NEO's 3-hour chart, showing upward trend post $14.80 resistance breakthrough, eyeing $15.18 resistance; potential long positions suggested at $14.636 - $14.448 support range with a stop loss at $13.90, as NEO aims for $25 target amidst over 5% gains.

Is Litecoin Ready to Launch its Rise to $140? Current LTC Analysis

When examining LTC's technical chart, a downward trend is observed in recent days. The nearest support is at the level of 91.86 dollars. The support range between 97.61$ and 99.07$ on the 4-hour chart is significant. For long positions, the support range of 92.41$ - 91.07$ can be expected.

Bitcoin (BTC) Surges Past $70k: Could a Rally to $75k be Next?

Get expert analysis on Bitcoin's breakout above $70,000. Discover what's driving the price action, key levels to watch, and potential scenarios for BTC's near-term future.
Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
spot_imgspot_imgspot_imgspot_img

Bitcoin (BTC) is “Super Cheap” at $69k: Adam Back Rejects Post-Halving Crash Predictions

Legendary cypherpunk and Blockstream CEO Adam Back offers a contrarian view on Bitcoin's price action. Get expert insights on market sentiment, halving predictions, and BTC's long-term value potential.

Ethereum’s Pectra Upgrade: Enhanced UX, Wallet Innovation, and Community Debate (ETH)

The Ethereum Pectora upgrade promises a revolution in wallet functionality. Get insights on the debate surrounding its groundbreaking features and their potential impact on the Ethereum ecosystem.

Bitcoin (BTC) Price Retreats Amid Gold’s Record Surge; Analysts Eye Re-accumulation Phase

Find out why Bitcoin's momentum stalled as gold soared to new highs. Explore expert insights on BTC's price trajectory and the significance of re-accumulation patterns.