- A number of factors indicate this, in particular the reaction of BTC to the news of the “debt” deal in the US
- Glassnode predicts that the trend will soon reach the level of $33,500
- This is the break-even point for investors, who have invested in 2021-2022
- After that, the price could pull back or “break the ceiling.”
Yesterday, May 29, analyst portal Glassnode published a weekly digest with a forecast of further developments in the BTC market.
“Given the extremely low volatility and narrow trading range, it seems that the equilibrium will be broken in the near future,” the report said.
We previously stated that the BTC trading range reached its low point in the last few months.. This is understandable because of the influence of opposing narratives.
Now that the Biden administration and the “red” majority have reached agreement on the “debt” deal, the market has come.
The BTC jumped 4% on the news, which also contradicts this prediction.
The “volatility spring” is now compressed to its maximum, and Glassnode believes that it will be straightened out soon. This means that the price trend will come into motion.
The next projected point of the second correction is $33,500.. At this level, investors who bought BTC in 2021-2022 will reach breakeven.
After that, the market may bounce back as some of them liquidate portfolios.
The Glassnode also operate on the LTH. This is the number of private investors or organizations that hold BTC for more than 155 days.
The current LTH indicates that the bitcoin market is in the second phase of a bullish cycle – transition.
If the BTC rate passes the mark of $33.5 thousand, it is possible that the trend will go even higher. One way or another, but the “plateau” on the BTC market is definitely over.