Glassnode Analyst Predicts Bitcoin Sell-Off Ahead of April Halving
According to an on-chain analyst at Glassnode, Bitcoin (BTC) investors may opt to sell some of their holdings ahead of the cryptocurrency's halving event in April.
In a recent video update, Glassnode’s lead analyst, known as Checkmate, highlighted that Bitcoin has seen minimal corrections during the current bull run, suggesting that holders might be more inclined to secure profits.
In this week's Glassnode Clips, we analyze recent bull market corrections, comparing them to the 2016-2017 cycle and highlighting the impact of ETFs. We also explore how events like the halving influence investor behavior.
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— glassnode (@glassnode) March 23, 2024
Despite a notable 175% rally and anticipation surrounding the upcoming halving event, which is slated for April, investors could be tempted to cash out.
READ MORE: Bitcoin Analyst Predicts Increased Volatility Ahead
Checkmate acknowledged that while events like the halving typically prompt some selling, recent history has shown that initial reactions, such as the ETF announcement, don’t always translate into sustained market downturns.
The analyst attributed Bitcoin’s recent price surge to two key factors: reduced selling pressure as fewer investors offload coins and increased demand from buyers.
This dynamic, characterized by shallow corrections, has contributed to Bitcoin’s upward price trajectory in recent times.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
