The Potential Bitcoin Bottom After Market Downturn, According to Glassnode Co-Founders
The co-founders of crypto analytics firm Glassnode, Jan Happel and Yann Allemann, believe that a Bitcoin bottom could be formed after one of two scenarios occur following the market downturn. They shared their analysis with their 56,000 followers on Twitter, stating that Bitcoin could either gradually drop to the $25,000 range or experience a severe liquidation event before reaching a bottom. They pointed out that these two scenarios have played out in the past whenever the BTC Risk Signal has hit 100. Another analyst, Rekt Capital, also commented on Bitcoin’s weakness after observing a bearish double-top pattern. The recent crash disregarded supports on the way down, indicating weak buy-side pressure. Bitcoin is currently trading at $26,028, down 2.3% in the last 24 hours.
Key Points:
– Glassnode co-founders suggest two possible scenarios for Bitcoin’s bottom after the market downturn: gradual drop to $25,000 or severe liquidation event.
– The BTC Risk Signal hitting 100 has historically resulted in corrective moves for Bitcoin.
– Rekt Capital notes a bearish double-top pattern and weak buy-side pressure in Bitcoin’s recent price action.
– Bitcoin is currently trading at $26,028, down 2.3% in the last 24 hours.
Hot Take:
The analysis from Glassnode co-founders and Rekt Capital suggests that Bitcoin’s bottom may be approaching, with two potential scenarios to watch out for. The market downturn has created uncertainty, but monitoring the BTC Risk Signal and price patterns can provide insights into the future direction of Bitcoin. As the market evolves, it will be crucial to keep a close eye on these indicators and developments to make informed decisions in the crypto space.
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