• 23 July, 2024
News

Bitcoin’s Market Correction Will Continue; On-Chain Analyst Says

As per the latest reports, the leading cryptocurrency Bitcoin would continue its market correction soon falling much below its current value. The report also pointed out that the cryptocurrency has already gone through a major correction by almost 10%, plummeting from its 2023 high of $31,000 in mid-April.

Notably, on May 1, the on-chain crypto analytical platform Glassnode shared a Twitter post via its official page clarifying the rumors spread on the “distributions by the Mt. Gox Trustee, and the US Government”, along with analyzing the revival of BTC amidst high market volatility:

Interestingly, the platform asserted that the new investors have been highly influential in the market majorly because of their performance. Glassnode stated:

We observed that sell pressure by new investors was a key driving force that established resistance at $30k. Should this present correction resume, the cost basis of the young supply holders at $24.4k may well be a psychological level to monitor in the weeks ahead.

While analyzing the “inflows of demand” among the new investors who hold the “Young Supply”, a term used to refer to the coins held for less than six months, Glassnode pointed out that the selling pressure has reached a stable level of 250,000 BTC per month.

Significantly, the analysis indicated that despite the increase in the transfer of USD into the Young Supply, the level hasn’t reached previous bull market thresholds; it is “remarkably low”.

Further, Glassnode posited that the current pattern is parallel to the trajectory of 2019; the year had a long “equilibrium period” before the highly rich bull market of 2012. 

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