The analytics platform Glassnode released a forecast indicating that the price of Bitcoin could rise by 15% if current market conditions persist.
Role of Short-Term Investors
Glassnode utilizes a cost basis model for short-term investors, noting that the resistance level, known as the +2 standard deviation band, currently stands around $136,000. If the current upward trend continues, this level will play a key role as a resistance point for Bitcoin.
Market Dynamics and Selling Pressure
According to Glassnode's data, 95% of short-term investors are currently in profit, which is seven percentage points above the long-term average. A high proportion of profitable investors increases the likelihood of heightened selling pressure in the future. If the share of profitable short-term investors falls below 88%, it may signal a reduction in market demand, hinting at a potential price correction.
Conclusion and Investor Recommendations
Despite Bitcoin's potential for growth, the profit status of short-term investors may set the stage for possible selling pressure. Investors are advised to closely monitor market developments and carefully determine their trading points. In this period of ongoing market volatility, risk management and attention to market signals should be prioritized.
Overall, current trends in the Bitcoin market indicate the possibility of reaching new highs, and analysts encourage investors to be cautious and attentive when making investment decisions.
