It has been just revealed that Bitcoin is showing great signs of potential huge bulls. Check out the latest reports coming from a Glassnode analyst.
Glassnode analyst reveals BTC shows bullish signs
According to a top analyst at Glassnode, a crypto analytics firm, Bitcoin (BTC) is preparing for its next surge.
The lead on-chain analyst, Checkmate, who goes by a pseudonym, mentioned on X media platform that Bitcoin’s profit/loss momentum for short-term holders has recently recovered and is now in the green.
Glassnode defines short-term holders as traders who have held Bitcoin for less than 155 days.
The profit/loss momentum indicator is designed to identify an asset’s existing trend. Checkmate claims that this metric is “the most responsive on-chain trend indicator” ever developed by Glassnode.
Says the on-chain analyst,
“The bears took it negative on the sell-off from $29,000 to $26,000. However, they failed to take it lower, despite significant losses being taken by the market (the most bearish the market has been since FTX).
There are two interpretations for the green reversal:
– Final profit-taking before doom.
– Return of strength.”
In the current tumultuous macro environment, Bitcoin is holding up well according to an analyst. The analyst leans towards the second interpretation and believes that Bitcoin is still in a “value zone”.
This is because the crypto asset is trading below its true market mean price of $29,700 which is a representative cost basis model for all coins acquired on secondary markets, according to Glassnode.
While it’s uncertain what Bitcoin might do in the short term, value investors believe that BTC bears are wrong at this point. At the time of writing, BTC is trading for $27,629, which is a decline of more than 1% in the past 24 hours.
There are a lot of optimistic crypto predicitons these days, especially regarding Bitcoin amidst the geopolitical tumult in the world that we’ve all been seeing.
