The founders of Glassnode recently predicted how the market will react after Bitcoin (BTC) approaches $100,000. 🚀 They said that once Bitcoin reaches that target, many investors will likely take profits, which could cause the price to fall. 📉
Bitcoin is currently trading around $98,000 and has gained 4.1% in the past 24 hours. 🔥 The founders of Glassnode noted that reaching $100,000 could trigger significant profit-taking, although this sell-off may not be as intense as when Bitcoin hit $73,000 in March.
They also noted that long-term investors have been reducing their positions since Bitcoin rose from $60,000, but this sell-off appears to be smaller than before. 🤔
“Bitcoin has reached $97,000, but $100,000 could cause a lot of people to sell. This sell-off is unlikely to be panic-inducing.” If we see the profit-taking indicator rising sharply, a price correction is more likely,” said Jan Happel and Yann Allemann. 💬
So, all these developments could make investors need to re-evaluate their strategies. 📊 Reaching the $100,000 target could be a major turning point in the market, so it is important to keep an eye on the market movements! 👀