Glassnode: Bitcoin Needs New Catalyst to Avoid "Deeper Retracement"
MetaEraOct 16, 2025
On October 16 (UTC+8), Glassnode stated in a report released on Wednesday, "Without a new catalyst to push prices back above $117,100.00, the market faces the risk of further contraction towards the lower end of this range." Glassnode pointed out, "Historically, when prices fail to hold this range, it often foreshadows a prolonged medium- to long-term correction." The institution also mentioned that there has been a recent increase in profit-taking behavior among long-term holders, which may indicate "demand exhaustion." Additionally, Hyblock Capital CEO Shubh Varma said he expects "relatively volatile trading" this month, with potential upside between $116,000.00 and $120,000.00; however, despite Bitcoin "likely entering a consolidation phase" after a major market crash, several indicators still show that the cryptocurrency may have positive momentum. 21Shares cryptocurrency research strategist Matt Mena said that considering the recent liquidations, the proximity of policy easing, and the acceleration of structural demand, the situation at the end of the year is "increasingly favorable" for digital assets, and Bitcoin is expected to move towards $150,000.00 as macroeconomic tailwinds and institutional capital flows continue to converge. [PANews]
Source
Powered by ChatGPT
All You Need to Know in 10s
Your One-Stop Crypto Investment Powerhouse
Glassnode: Bitcoin Needs New Catalyst to Avoid "Deeper Retracement"
MetaEraOct 16, 2025
On October 16 (UTC+8), Glassnode stated in a report released on Wednesday, "Without a new catalyst to push prices back above $117,100.00, the market faces the risk of further contraction towards the lower end of this range." Glassnode pointed out, "Historically, when prices fail to hold this range, it often foreshadows a prolonged medium- to long-term correction." The institution also mentioned that there has been a recent increase in profit-taking behavior among long-term holders, which may indicate "demand exhaustion." Additionally, Hyblock Capital CEO Shubh Varma said he expects "relatively volatile trading" this month, with potential upside between $116,000.00 and $120,000.00; however, despite Bitcoin "likely entering a consolidation phase" after a major market crash, several indicators still show that the cryptocurrency may have positive momentum. 21Shares cryptocurrency research strategist Matt Mena said that considering the recent liquidations, the proximity of policy easing, and the acceleration of structural demand, the situation at the end of the year is "increasingly favorable" for digital assets, and Bitcoin is expected to move towards $150,000.00 as macroeconomic tailwinds and institutional capital flows continue to converge. [PANews]
Powered by ChatGPT
Scan QR Code to Explore more key information
One-stop financial research platform for Crypto Investors
00:00 / 00:00
00:0000:0000:00