Long

bullish

Bitcoin

when

Bitcoin (BTC) is predicted to reach by some projection below the $88,000 mark before its further growth to $100,000 levels, reports <a href="https://insights.glassnode.com/the-week-onchain-week-48-2024/" target="_blank" rel="noopener nofollow">Glassnode</a>. 
<a href="https://www.qubetics.com/?utm_source=TNYR&amp;utm_medium=Bitcoin%E2%80%99s+Road+to+%24100K+May+Pass+Through+%2488K+First%2C+Glassnode+Warns" rel="nofollow noopener" target="_blank"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-24483" src="https://www.turkishnyradio.com/wp-content/uploads/2024/10/photo_2024-10-21_08-49-01.jpg" alt="photo 2024 10 21 08 49 01" width="728" height="90" title="Bitcoin’s Road to $100K May Pass Through $88K First, Glassnode Warns 42"></a> 
This analysis threw up a crucial air bit on the chart of Bitcoin’s price. This gap exists because the recent surge left holders with no trading action between $76,000 and $88,000. In fact, traders may find it tempting to look up this void area in case the fall out continues. 
Such things typically happen in price discovery areas. These successive cycles of sharp up and down moves and consolidations provide a much smoother base for price over the long timeframe. Such phases also help depict areas of price where supply and demand interact and offer clues into future movements of Bitcoin. 
<h2 id="strong-bitcoin-price-preparing-to-repeat-history-strong">Bitcoin Price Preparing to Repeat History?&nbsp;</h2> 
<img loading="lazy" decoding="async" class="aligncenter size-full wp-image-30638" src="https://www.turkishnyradio.com/wp-content/uploads/2024/11/BTCUSD_2024-11-27_08-58-38.png" alt="Bitcoin’s Road to $100K May Pass Through $88K First, Glassnode Warns" width="755" height="400" title="Bitcoin’s Road to $100K May Pass Through $88K First, Glassnode Warns 43"> 
The recent rally of Bitcoin reminds us of the march one, with a strong supply re-accumulation at lower prices, which assisted it to breach its new high levels. 
A considerable contribution in this price movement has been made by Long Term Holders (LTHs). This cohort has been locking in profits of approximately 507,000 BTC since September, which is far beyond the profit taking registered this year. These unprecedented profits have been facilitated by higher liquidity in the market. 
Glassnode data exhibit the increased movement through LTH Liveliness metric that monitors movement of coins. Most distributed coins were gotten relatively recently, and not consistently held for years. This confirms previously discussed trading behavior. 
Now however, the ‘LTH’ are claiming 90-day average daily profits of $2.02 billion, which is the greatest they have ever recorded. But for the market to be flat, there is need for a significant amount of durable demand to be able to absorb all the available replaceable supply. 
In addition, the report also points out the necessity of more market consolidation in order to have a stable environment in the market and avoid undue fluctuations. 
<h2 id="strong-sell-side-risk-ratio-data-strong">Sell-Side Risk Ratio Data&nbsp;</h2> 
The Sell-Side Risk Ratio, which is a metric of the losses and gains in relation to the overall market size, is rising towards its higher thresholds. This indicates that more investors are closing out their positions in the event of a strong appreciation. 
Looking at the details, it appears that those who held their coins for 6-12 months are the ones who are offloading their coins the most as they account for 35.3% of the realisation of profits made. These developments suggest coins that were purchased subsequent to the introduction of the ETFs, suggesting short- to medium-term strategies that may be prevalent due to recent market conditions. 
<img loading="lazy" decoding="async" class="aligncenter size-full wp-image-30632" src="https://www.turkishnyradio.com/wp-content/uploads/2024/11/Bitcoins-Road-to-100K-May-Pass-Through-88K-First-Glassnode-Warn.webp" alt="Bitcoin’s Road to $100K May Pass Through $88K First, Glassnode Warns" width="1792" height="1024" title="Bitcoin’s Road to $100K May Pass Through $88K First, Glassnode Warns 44" srcset="https://www.turkishnyradio.com/wp-content/uploads/2024/11/Bitcoins-Road-to-100K-May-Pass-Through-88K-First-Glassnode-Warn.webp 1792w, https://www.turkishnyradio.com/wp-content/uploads/2024/11/Bitcoins-Road-to-100K-May-Pass-Through-88K-First-Glassnode-Warn-768x439.webp 768w, https://www.turkishnyradio.com/wp-content/uploads/2024/11/Bitcoins-Road-to-100K-May-Pass-Through-88K-First-Glassnode-Warn-1536x878.webp 1536w" sizes="(max-width: 1792px) 100vw, 1792px"> 
The data in question also say that profit-taking is distributed among the various groups of return with the range of gains being about $7.2 billion to $13.1 billion worth. This points to an organized process whereby some portion of returns are taken when it is still possible, but most of investors retain the investments made aiming for much bigger returns. 
<h2 id="strong-crypto-market-sees-581m-in-derivatives-liquidated-amid-bitcoin-s-decline-strong">Crypto Market Sees $581M in Derivatives Liquidated Amid Bitcoin’s Decline</h2> 
The last two days have been particularly horrible for Bitcoin (BTC) and the entire digital asset niche. On Tuesday evening, the price of one <a href="https://www.turkishnyradio.com/wrapped-bitcoin-wbtc-removed-from-coinbase/" target="_blank" rel="noopener">BTC</a> hovered between the price of $91,700 and $92,300. The same was lower by two and a half percent from the previous day’s performance and 1% lower for the week. However, it can still be noted that BTC is still more than 35 percent higher than it was a month ago. 
Trading Bitcoin indeed brings with it risks as its price fluctuations to the $100,000 level keep pushing back the intended target. The support level for this range may now shift to $76,000-$88,000, provided this downtrend does not push past the $88,000 level. Traders have made losses recently due to the prevailing short-term downturn, but due to the bullish market sentiment, it is clear that the depletion will be temporary. 
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Bitcoin’s Road to $100K May Pass Through $88K First, Glassnode Warns

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