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Bitcoin could fall to $88,000 before making another attempt to break $100,000 – Glassnode

Author: Content Editor
According to a Glassnode report, Bitcoin (BTC) could drop to below $88,000 before continuing its upward movement towards the $100,000 mark. The report mentions an "air gap" between $76,000 and $88,000, where there has been minimal trading activity, creating an underdeveloped price range that could become significant if the current pullback continues. This type of price action is normal during price discovery phases, which involve cycles of rallies, corrections, and consolidations to establish stable price ranges. The report also highlights the role of Long-Term Holders (LTHs) in returning dormant supply to circulation and mentions the need for further consolidation to maintain equilibrium in the market. While there has been intensified profit-taking, the report suggests that demand remains resilient enough to absorb the selling pressure. Overall, the report emphasizes the need for market observation and the potential for further price volatility as Bitcoin navigates price discovery territory. At the time of writing, Bitcoin is ranked #1 by market cap, with a price decrease of 1.62% over the past 24 hours, a market capitalization of $1.83 trillion, and a 24-hour trading volume of $90.48 billion.

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