The co-founders of the crypto analytics platform Glassnode believe that Bitcoin (BTC) may start heading higher after retracing to the low $90,000s based on one metric.
Jan Happel and Yann Allemann, who go by the handle Negentropic, tell their 63,200 followers on the social media platform X that Bitcoin’s correction may be over after long-term holders (LTHs) sold less than in the first quarter of the year.
LTHs are addresses that hold coins for at least 155 days and they tend to exit the market when BTC makes a bull run.
“Long-term holders have taken profits near $100,000, but not as aggressively as in Q1. The lack of continuous realized profit spikes suggests fewer LTHs exited during this correction – possibly signaling we’ve already hit the bottom.”
Bitcoin is trading for $96,726 at time of writing.
Next up, the analysts are suddenly turning bullish on the artificial intelligence (AI)-based crypto project the Artificial Superintelligence Alliance (FET).
“When Bitcoin corrects in an uptrend, we use the three-factor authentication (3FA) checklist for altcoin opportunities:
- Strong fundamentals and part of a narrative with traction.
- Relative Strength Index (RSI) is neutral (weekly/daily).
- Price hasn’t exploded, still in accumulation.
FET checks all boxes, compressing since July. Accumulate at range lows for efficient dollar-cost averaging!”
FET is trading for $1.62 at time of writing, up 8.1% in the last 24 hours.
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