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.
[adinserter block="1"]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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