On-chain analysis platform Glassnode shed light on the current situation of the cryptocurrency market.
Glassnode included the recent events in its detailed cryptocurrency report shared on December 12. Reminding that Bitcoin (BTC) reached its highest level of 2023 with $ 44,700 on December 8, Glassnode said that with this rise, short-term investors become extremely profitable He emphasized that the selling pressure triggered a decline in prices.
However, Bitcoin’s “fair price value“ 30 thousand to 36 thousand dollars The analysis firm, stating that it circulates among Bitcoin and Ethereum (ETH) number has increased to a high rate of profit and this situation The fastest decline in 4 months He emphasized that it triggered On the other hand, it was predicted that this year’s third biggest decline may only consist of a correction.
Glassnode also supports active investors. 11 months of accumulation He stated that it is in the process and when looking at historical data, a new all-time high level (ATH) may be seen at the end of this process.
This accumulation process 2016-2017 between the years 14 months, 2019-2020 Between the years 20 months it lasted. After this tedious waiting period in both cycles, colossal rises had been seen.
