A recent analysis of Bitcoin Glassnode reveals that long-term holders (LTH) are locking coins with a loss of 33%. This indicates an LTH surrender that suggests that Bitcoin (BTC) may have reached the bottom.
At the same time, Wall Street opposes and says BTC will see $ 10,000.
An analyst at Glassnode said:
“Bottom formations often involve LTH, which is responsible for an ever-increasing proportion of unrealized losses. In other words, in order for the bear market to reach the ultimate floor, the share of lost coins is predominant. Should be transferred to the most price-sensitive and most confident people. “
Other signs suggest the bottom of BTC
At the same time, whale investors with more than 1000 BTC and “shrimp” with less than one BTC are also accumulating BTC in the bear market. Accumulation shows that many investors are collecting BTC at an affordable price as they expect BTC to take a bullish direction soon.
Glassnode numbers also suggest that sold-out BTC miners are also slowing down. The miners expected BTC to fall further and wanted to cash out as soon as possible, resulting in a tendency to sell out. The slowdown suggests that miners also believe that BTC has reached the bottom. So it’s not because they think they’ll lose profits just by selling because they need cash, rather than withdrawing cash in a hurry.
In addition, the author of Cryptographic traderGlen Goodman, Magazine cover indicator Techniques to explain why he thought BTC might have finally reached the bottom during an interview at Bloomberg cipher. The indicators in question suggest that sentiment pushed by prominent media enhances market sentiment. Today, all media headlines are stimulating bearish emotions. However, Goodman said the market is moving cyclically and believes that bearish sentiment could change soon.
He said:
“When people are starting to feel really negative, and we’re seeing all those really bad headlines […] Then you start to think that things will get better soon. “
BTC keeps falling
Glassnode said there are opposite indicators, even though all indicators suggest the bottom of BTC.
According to the data, short-term holders held about 3% to 4% of all BTC supply during the previous bear market. However, this number remains around 16% this winter, suggesting that it may take a little longer for BTC supplies to be redistributed to less price-sensitive investors. Meanwhile, BTC may continue to decline as volatility rests.
An analyst at Glassnode commented on the numbers, saying:
“Bitcoin investors haven’t left the forest yet”
In addition, a recent poll among Wall Street investors clearly Participants should not expect bullish feelings immediately. Most respondents (60%) said BTC would drop to $ 10,000.
