Bitcoin

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Status

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/glassnode-founders-predict-market-reactions-following-bitcoins-approach-to-100000/" data-wpel-link="internal">Glassnode Founders Predict Market Reactions Following Bitcoin’s Approach to $100,000</a><br></p>
<p style="text-align: justify;">The founders of Glassnode noted that after Bitcoin (BTC) reaches the $100,000 mark, investors might engage in profit-taking, which could lead to a correction in the price. They emphasized that this profit-taking could significantly influence market dynamics.</p> 
<h2 id="current-status-of-bitcoin">Current Status of Bitcoin</h2> 
<p style="text-align: justify;">Bitcoin is currently trading at approximately $98,000, just shy of the $100,000 target. In the past 24 hours, the <a href="https://en.coin-turk.com/chinas-major-crypto-content-platform-8btc-shifts-focus-away-from-cryptocurrency/" data-wpel-link="internal">cryptocurrency</a> has seen a 4.1% increase, raising expectations among traders.</p> 
<p style="text-align: justify;">The Glassnode founders expressed that reaching the $100,000 level could trigger substantial profit-taking among investors. They also highlighted that the intensity of selling might not be as severe as the sell-offs witnessed when Bitcoin hit $73,000 last March.</p> 
<h2 id="long-term-investor-sell-offs">Long-Term Investor Sell-Offs</h2> 
<p style="text-align: justify;">According to the founders, long-term investors have been reducing their positions since Bitcoin began its ascent from $60,000. These sell-offs appear to be smaller compared to previous periods, indicating a potential shift in investor behavior.</p> 
<blockquote>
 <p>“Bitcoin reached $97,000, but $100,000 could trigger significant profit-taking. These sales are not likely to create panic. If we observe a sharp increase in profit-taking indicators, a price correction becomes more probable.” – Jan Happel and Yann Allemann.</p>
</blockquote> 
<p style="text-align: justify;">These developments in the Bitcoin space may require investors to reassess their strategies. Achieving the $100,000 target could mark a significant turning point in the market, making it essential to closely monitor market movements.</p> 
<p>The post <a href="https://en.coin-turk.com/glassnode-founders-predict-market-reactions-following-bitcoins-approach-to-100000/" data-wpel-link="internal">Glassnode Founders Predict Market Reactions Following Bitcoin’s Approach to $100,000</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.</p>

Glassnode Founders Predict Market Reactions Following Bitcoin’s Approach to $100,000

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