#bitcoin Down 20% From March But Glassnode Analysts Are Very Bullish: Here’s Why

Bitcoin has experienced one of its deepest corrections since the FTX crash in November 2022, with a drop of over 20% from its all-time high of approximately $74,000. Despite this downturn, Glassnode analysts, in their latest insights, maintain a cautiously optimistic stance.

Glassnode highlights that the Bitcoin "macro uptrend still appears to be one of the more resilient in history," noting that corrections, while present, have been relatively shallow. The #Blockchain analytics platform indicates that liquidity has increased, contributing to a reduction in volatility. However, for bullish momentum to gather, fundamental factors will likely need to serve as triggers. While price action structure may offer support, historical evidence suggests that market events are key catalysts.

The robust macro trend, according to Glassnode, has led to decreased volatility, thereby supporting the uptrend. The platform also observes that the diminishing depth of corrections signals a maturing market with growing institutional involvement.

Meanwhile, on-chain data reveals that a whale has capitalized on the recent price dip to accumulate coins. Over the past week alone, this #whale has acquired over 100 BTC, bringing their total purchases for the month to more than 7,257 BTC. Such aggressive accumulation implies that, even at current multi-year highs, Bitcoin may be undervalued.

Bitcoin could receive significant boosts from several upcoming events. Former US president #donaldtrump now accepts #cryptocurrency donations for his campaign, a reversal from his earlier stance. European regulators are considering approving Bitcoin for UCITS funds, potentially unlocking billions in investments. Major banks like Morgan Stanley and BNP Paribas are already exploring Bitcoin investment options for their clients.

Source - newsbtc.com