An analyst at Glassnode said, Bitcoin (BTC) investors are likely to sell some of their coins before the leading crypto asset’s halving in April states.
Glassnode’s lead analyst, nicknamed Checkmate, suggests that Bitcoin has yet to experience a significant correction during the recent bull run, suggesting Bitcoin holders may be quicker to take their profits.
“We’ve barely had a 20% correction on a closing basis since FTX’s lows. This really means that the market structure in this cycle is much more on the buy side. [baskısı] It just shows that we don’t see the depth of the correction.
However, after a 175% rally and all the excitement and potentially selling out on some news coming into the halving event in April [duyarlılığı] However, these are the types of events where investors can take some chips off the table.
They know that the halving is one of these events. But still, the ETF was kind of the first news sell-off. But it is quite clear that it does not turn out this way in the medium term.”
The analyst goes on to state that BTC’s recent price increase is the result of two catalysts.
“When we look at the market structure, we can see that the corrections are much, much shallower. This tells us that there is a two-way effect: fewer people distributing coins and increased buy-side pressure. Both sides of the equation [BTC’nin] “It helped push the price.”
BTC is trading at $67,071 at press time, up over 4% in the last 24 hours.
