Bitcoin [BTC] holders should know that the bottom is…
— Price, Holders, Remain, Report, Market, Bear, Bitcoin, Coins, Hands, Glassnode — 1 min read
Analytics platform Glassnode analyzed and compared the characteristics and duration of bear cycles in the past with the ongoing one. Glassnode sought to identify at what points in previous bear cycles did the formation of Bitcoin bear market floors occur. This period existed whenever “forced sales pass by, seller exhaustion is reached, and downside pressure begins to wane,” says Glassnode. The analytics platform noted that after the price of BTC touched an all-time high (ATH) of $6,000, enormous redistribution followed after it fell into the $3,000 and $4,000 range. The next quarter is likely to remain at risk of further distribution unless coin prices recover meaningfully. Miners currently hold approximately 66.9k BTC in aggregate in aggregate Source