Experts have shown how speculators influence #Bitcoin trend reversals.
Glassnode's analysis of on-chain metrics like MVRV, SOPR, and realized losses indicates a strong link to local bottoms in a bull market. Short-term investors dominate in recording losses, and identifying seller exhaustion helps pinpoint turning points during corrections and uptrends.
Reversal areas evolve from smaller to larger time frames. Analysts used age distribution metrics to identify two types of speculators (holding coins for less than 144 days): day traders (transactions within 24 hours) and swing traders (holding from a day to a month). Day traders react quickly, creating many "noisy" sell exhaustion signals, while swing traders have fewer fluctuations due to the smoothing effect of a higher time range.
Experts plan to refine on-chain metrics to better capture these patterns.
Standard Chartered analysts predict Bitcoin has bottomed out and expect it to reach $150,000 by year-end and $200,000 by 2025. Former BitMEX CEO Arthur Hayes sees Bitcoin potentially exceeding $60,000 and heading towards $70,000 by the end of August. QCP Capital forecasts a rise to $74,000, driven by #ETF purchases and favorable U.S. inflation data.
