A leading analyst from crypto analysis firm Glassnode makes a statement regarding Bitcoin (BTC). Accordingly, he shared his views suggesting that he was preparing for the next significant price increase. BTC’s recent movement in the stagnant region has attracted attention. This stagnation inevitably annoyed the traders. The weather seems to be cloudy in the cryptocurrency world for now.
Glassnode analyst’s evaluation of Bitcoin
Glassnode’s on-chain lead analyst, a trader who goes by the pseudonym Checkmate, discussed Bitcoin BTC’s profit/loss momentum measure for short-term holders in a recent media show on X. According to Checkmate, this metric has been showing signs of recovery lately. It is also in the process of entering positive territory. The profit/loss momentum indicator, as defined by Glassnode, is designed to determine the current trend of an asset. In this context, short-term holders refer to traders who have owned Bitcoin for less than 155 days.
Checkmate points out that this metric is extremely important for Bitcoin. He also describes it as “the most responsive on-chain trend indicator” ever developed by Glassnode. There is also a comment made by the analyst regarding his opinion. Accordingly, there is a positive outlook in which green is lit. The analyst also has statements about this.
Interpreting the turn to green
Checkmate offers two possible interpretations for the recent move into positive territory. One of these is taking the last profit before a potential decline. The other is the re-strengthening of Bitcoin BTC’s position in the market. The analyst leans towards the latter interpretation, citing Bitcoin’s resilience in the face of a “turbulent” macroeconomic environment.
On the other hand, Checkmate highlights that Bitcoin BTC remains in a “value zone” as it is currently trading below the actual market average price of $29,700. According to Glassnode, the actual market average price represents a cost basis model for all coins acquired on secondary markets.
Short term outlook
Checkmate acknowledges the uncertainty surrounding Bitcoin’s short-term performance. On the other hand, he suggests that value-focused investors believe the bears may be wrong on this point. At the time of writing, BTC has experienced a small decline of more than 1% in the last 24 hours. Accordingly, BTC is traded at $ 27,629.
When we look at Kriptokoin.com, the evaluation of Glassnode analyst is noteworthy. There is a positive outlook for Bitcoin. This indicates the potential for price increase. Despite short-term fluctuations, Bitcoin’s resilience and value proposition continue to attract investors’ attention.
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