Glassnode: Bitcoin Needs New Catalyst to Avoid "Deeper Retracement"

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]