Glassnode analysts announced the “darkest” phase of the crypto market decline
Bitcoin remains correlated with traditional markets, and their prices are declining concurrently
14.06.2022 - 12:05
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What’s new? Analytics firm Glassnode has released a report announcing the start of the “darkest” phase of the bear market. Although a number of indicators point to oversold conditions, bitcoin remains correlated with traditional markets and prices are declining concurrently. Micrometric indicators, such as the realized capitalization to transaction value (RVT) ratio, also continue to decline.
What else does the report say? Despite conditions in the cryptocurrency market, small bitcoin holders (<1 BTC) and institutional investors (>10,000 BTC) continue to accumulate currency.
According to the report, the indicator of bitcoin accumulation has decreased by 64% since May 2022. Short-term holders are statistically more sensitive to the asset’s price volatility and tend to sell at a loss. Long-term holders are the opposite.
Glassnode noted that in the past such a drop signaled the start of the final and painful “wash-out phase” of all remaining sellers, accompanied by further price declines of 40-64%.
As of June 14, 12:20 UCT, bitcoin is trading at $21 983. The asset rate fell by 8,75% in 24 hours, according to Binance. The total capitalization of the cryptocurrency market is $931 billion, according to CoinMarketCap.
Most cryptocurrency hedge fund managers predict a rebound in the bitcoin price in 2022, according to a study by PricewaterhouseCoopers, a consulting firm. Most of them expect the BTC price to surpass the $40 000 mark by the end of the year. The median prediction was $75 000. 97% of survey participants expect the market capitalization to rise to $3 trillion.
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