On-chain analysts at Glassnode said Bitcoin (BTC) investors are likely to sell some of their coin holdings ahead of the crypto king’s April halving.
new Video update, Checkmate, a pseudonymous lead analyst at Glassnode, said Bitcoin has yet to experience a major correction in the recent bull run, suggesting Bitcoin holders may take profits sooner. He said that
“Since FTX's lows, we've only barely had a 20% correction, certainly on a closing price basis. So that really shows that the market structure in this cycle has changed significantly. [seeing] More buy-side [pressure]you just don't see the type of depth of correction.
That being said, after a 175% rise and all the excitement, and potentially some selling news, [sentiment] With the halving event in April, these events are likely to allow investors to take some profits.
They know that half-life is one of these events.But again, ETFs were like the first touted news [event] But clearly it didn't work out that way in the medium term. ”
The analyst goes on to point out that BTC's recent price surge is the result of two factors.
“If you look at the market structure, you can actually see that the correction was much shallower, indicating that there was a double effect: fewer people distributing coins, and more pressure on the buyer side. I found the equation helpful. [BTC’s] Prices move forward. ”
At the time of writing, Bitcoin was trading at $67,071, up more than 4% in the past 24 hours.
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