According to research from analytics firm Glassnode, Bitcoin (BTC) has the potential to drop below $25,000 in order to remove a recent influx of speculators. Glassnode’s latest edition of its weekly newsletter, “The Week On-Chain,” highlighted the impact of short-term holders (STHs) on the price of BTC. The report showed that speculative behavior, including profit-taking, has become prevalent among new market entrants in 2023, and this has contributed to fluctuations in the market. Glassnode suggested that for the market to return to a point of equilibrium, BTC/USD would need to fall to $24,400, thus flushing out the recent influx of speculators. Long-term holders (LTHs) have also been selling into rallies which has increased the overall share of BTC classed as “young supply,” or that active at most six months prior. However, overall LTHs remain in control of the supply, with net new entries “relatively soft.”
BTC price may need a $24.4K dip as Bitcoin speculators stay in profit
