A 20% BTC Correction on the Table: Glassnode

Glassnode warns of a potential 20% correction in Bitcoin's price, suggesting it could fall toward $88,000 if the price fails to reclaim the $113,000 cost basis. This warning comes as long-term holders have sold approximately 104,000 BTC, marking the heaviest selling since July, and short-term holders are exiting at a loss. Despite a recent easing in volatility, market confidence remains fragile, exposing Bitcoin to renewed downside pressure. The Short-Term Holder Net Unrealized Profit/Loss (STH-NUPL) is currently at –0.05, indicating mild losses and deteriorating confidence among investors. As long-term holders continue to distribute their holdings, any potential price recovery appears constrained. Overall, the Bitcoin market is transitioning into a consolidation phase following October's turmoil, but investor sentiment and structural demand are still weak, making recovery uncertain.

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