Glassnode: Bitcoin needs a new catalyst to avoid a “deeper correction”

On October 16 that according to Cointelegraph, Glassnode said in a report released on Wednesday: "If there is no new catalyst to push the price back above $117,100, the market will face the risk of further contraction to the lower limit of the range." Glassnode pointed out: "Historically, when prices fail to hold this range, it often foreshadows a long-term medium- to long-term correction." The agency also mentioned that there has been an increase in profit-taking behavior by long-term holders recently, which may indicate "demand exhaustion." Additionally, Hyblock Capital CEO Shubh Varma stated that he expects "relatively volatile markets" this month, with potential upside between $116,000 and $120,000. However, while Bitcoin is "likely entering a consolidation phase" following a major market crash, several indicators suggest the cryptocurrency may have positive momentum. Matt Mena, cryptocurrency research strategist at 21Shares, stated that the year-end outlook is "increasingly positive" for digital assets, given recent liquidations, impending policy easing, and accelerating structural demand. With the continued convergence of positive macroeconomic factors and institutional capital flows, Bitcoin is expected to move towards $150,000. [PANews]