The co-founders of blockchain analytics platform Glassnode say profit-taking in Bitcoin is slowing, while identifying two factors that could push BTC higher this month.
Glassnode and Swissblock co-founders Jan Happel and Yann Alleman, who share the social media name Negentropic, say the net realized profit/loss metric, which tracks whether Bitcoin holders sell at a loss or at a profit, is based on this indicates that earnings sales have declined from peaks in November and December.
They also say rallies for Bitcoin could reignite ahead of pro-crypto US President Donald Trump’s inauguration on January 20, as investors rebalance their portfolios at the start of the year and markets reopen after the holiday shutdown.
“Profit-taking is slowing as BTC stabilizes at $94,000-$95,000, making the zone less attractive for investors.
New liquidity and new participants are crucial for the upward momentum. Market reopening and portfolio shifts could lead to action soon – possibly before Trump’s inauguration.”
Bitcoin is trading for $97,429 at the time of writing, up 4.2% in the last 24 hours.
The analysts also believe that altcoins could start…
