The co-founders of crypto analytics platform Glassnode believe that Bitcoin (BTC) could start to rise after returning to the low $90,000 level based on one metric.
Jan Happel and Yann Allemann, who go by the name Negentropic, tell their 63,200 followers on social media platform quarter of the year.
LTHs are addresses that hold coins for at least 155 days and tend to exit the market when BTC rises.
“Long-term holders made profits close to $100,000, but not as aggressively as in the first quarter. The lack of continued spikes in realized profits suggests that less LTH has been exited during this correction, perhaps indicating that we have already hit bottom.
Bitcoin is trading at $96,726 at the time of writing.
Then, analysts are suddenly becoming bullish on the artificial intelligence (AI)-based crypto project, the Artificial Superintelligence Alliance (FET).
“When Bitcoin corrects an uptrend, we use the three-factor authentication (3FA) checklist for altcoin opportunities:
- Solid fundamentals and part of a narrative that carries traction.
- The Relative Strength Index (RSI) is neutral (weekly/daily).
- The price has not exploded, still accumulating.
FET checks all the boxes, compressing since July. Accumulate at the lowest levels for efficient cost averaging! »
FET is trading at $1.62 at the time of writing, up 8.1% in the last 24 hours.
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