Glassnode identifies metrics to watch like the Short Term Holder’s unrealized profit/loss, recently at 1.0 and now 2.6.
The report says Bitcoin’s trajectory depends on long-term supply trends. Long-term holders typically buy Bitcoin, though sometimes less.
With the equilibrium overstretched now, more investment is likely medium-to-long-term.
Bitcoin’s ability to sustain a rally depends on global events. Interest rate increases in the U.S., U.K., and E.U. have been steady, correlating with stocks.
Similar investor strategies for stocks and crypto often mean similar market behavior. For $28,000 support and a robust rally, Bitcoin must decouple from stocks to grow independently.
If it can build its own momentum independent of external factors influencing investor sentiment, the premier digital currency will be well-positioned to establish $28,000 as a new support level.
While short-term corrections are inevitable, Bitcoin’s long-term outlook remains extremely bullish, especially as institutional interest builds and mainstream adoption increases.
Whatever happens with Bitcoin, however, the fact is that the major cryptocurrency has seen most of its gains already, while other select cryptocurrencies hold the potential for exponential growth still. Cryptocurrencies such as WSM and ECOTERRA have the potential to surge by over 1000% in 2023.
The cryptocurrency market is always full of surprises, and the impressive launch of the Wall Street Memes ($WSM) token on May 26 is a recent one. Its value has already surpassed its initial coin offering price due to strong demand.
The project managed to sell $100,000 worth of $WSM tokens in a matter of minutes after announcing the presale launch and has raised over $1 million to date.