The Future of the Bull Market Pre-Bitcoin Halving: Insights from Glassnode

Bitcoin’s Latest Price Movement

Bitcoin recently experienced a price dip below $60,000, sparking concerns about the future of its impressive bull run in 2024. However, Lead Glassnode analyst James Check reassures bullish investors.

Bitcoin’s Pullback: Dip Or Doom?

In a recent video analysis, Check delved into various on-chain metrics related to short-term Bitcoin holders. The short-term holder MVRV ratio is approaching 1.0, indicating a break-even point in unrealized profit and loss. This level can act as both support and resistance in different market conditions.

Similarly, the short-term holder SOPR has dipped below 1.0, signaling that short-term holders are realizing more losses than profits. A sustained dip in SOPR could indicate a looming bear market.

• Short-term holder cost basis expected to hold around $58,000 to $59,000 region
• New buyers panic selling amid geopolitical tensions

Bitcoin’s Long-Term Momentum

Despite short-term fluctuations, metrics like the AVIV momentum indicator suggest positive price momentum for Bitcoin on longer time frames. The indicator remains in positive territory, with a cooldown observed on the 30-day timeframe for a reset.

Check also downplays the financial impact of the Bitcoin halving, highlighting its minimal effect compared to other market volumes.