Last week, Bitcoin reached new records, followed by Ethereum and various altcoins. Glassnode shares its predictions for the future of these cryptocurrencies.
Bitcoin and Ethereum Records
Bitcoin (BTC) broke its records last week, and this week Ethereum (ETH) showed significant gains. While Ethereum is still far from its previous all-time high, its rise is noteworthy amid positive market sentiment.
Glassnode Analysis
Glassnode analysts reported that Bitcoin has broken through a significant resistance level around $120,000, with the next target being $136,000. They stated that short-term holders of Bitcoin have exceeded the average cost basis by +1 standard deviation. This critical area, currently around $120,000, has historically often served as resistance during strong uptrends for the Bitcoin price.
Market Outlook
Analysts from Glassnode mentioned that if the upward momentum in Bitcoin continues, the next resistance will be at +2 standard deviations, approximately $136,000. “This level has historically served as resistance during periods of strong momentum,” they added.
The cryptocurrency market continues to demonstrate significant growth, with Bitcoin and Ethereum leading this trend. Glassnode's analysis indicates that key resistance levels may shape the future dynamics of these cryptocurrencies.
