BTC Price Analysis: Downward Trend Expected to Continue Until Short-Term Holders Break Even
CryptoNewsTerminal Staff05 Sep, 2024
BTC Price Analysis: Downward Trend Expected to Continue Until Short-Term Holders Break Even
Short-Term Bitcoin Holders Drive Downward Trend According to a report by Glassnode, a significant number of short-term Bitcoin (BTC) holders, those holding for less than six months, are currently experiencing a loss. This group has an average cost basis between $59,000 and $65,000, significantly higher than the current market price below $60k. If these short-term holders decide to sell their Bitcoin in large quantities, it could introduce volatility into the broader market. Glassnode predicts that the downward trend in BTC prices is likely to continue until the short-term holders reach their break-even point of $62,400. This suggests that the current market conditions are unfavorable for significant price increases until a substantial portion of short-term holders regain their initial investment.
