Glassnode and Bloomberg Split on Bitcoin (BTC) Price: One Says "Everything Is Normal," the Other $56,000

Leading cryptocurrency Bitcoin entered a downward trend after reaching a new ATH of over $126,000 at the beginning of ￰0￱ there was a major crash in BTC and altcoins on October 11, this downward trend continues in ￰1￱ are divided on their BTC predictions. Bitcoin’s ongoing correction has led to divided market predictions, with analysts predicting a drop to $56,000 while others see it as a healthy ￰2￱ this point, Bloomberg analyst Mike McGlone, senior analyst at Bloomberg Intelligence, claimed that Bitcoin’s recovery to the $100,000 level could be a sign of a significant correction towards $56,000. McGlone said historical chart patterns show that Bitcoin typically returns to its 48-month moving average after a ￰3￱ to the analyst, if this trend repeats, BTC could drop to $56,000.

While McGlone argued that Bitcoin could experience a deep correction, Glassnode argued that on-chain data points to a healthy correction rather than ￰4￱ said it would be useful to look at the Relative Unrealized Loss metric, which currently measures total unrealized losses in US dollars relative to market capitalization. “Unlike the 2022-2023 bear market, the Relative Unrealized Loss metric is at 3.1%. This reading also suggests only moderate ￰5￱ is similar to the medium-term corrections in Q3 and Q4 2024 and Q2 ￰6￱ long as the rate remains below the 5% threshold, we believe there is no need to ￰7￱ long as unrealized losses remain within this range, the market can be interpreted as going through a healthy correction rather than panic.” *This is not investment ￰8￱ Reading: Glassnode and Bloomberg Split on Bitcoin (BTC) Price: One Says "Everything Is Normal," the Other $56,000