News Explorer — Analysts Say Bitcoin May Be Near a ‘Local Bottom‘

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Analysts Say Bitcoin May Be Near a ‘Local Bottom‘

Bitcoin has experienced a 22% pullback from its all-time high in March, leading on-chain intelligence company Glassnode to suggest that the market may be forming a local bottom. Glassnode's report indicates that the market is currently in a euphoric phase, which typically precedes a correction. Short-term investors realizing losses could indicate that the local bottom has been reached, but if the market-value-to-realized-value ratio falls below a certain level, it could trigger panic and establish a new equilibrium.