Glassnode Reveals Bitcoin Is About To Explode, On-Chain Metrics Reach Boiling Point

Glassnode just revealed a bold prediction for the price of Bitcoin. Check out the latest reports about this below.

At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $28,834.

According to leading crypto analytics company Glassnode, several on-chain metrics indicate that Bitcoin (BTC) is preparing to enter a new price range.

Glassnode’s recent update suggests that Bitcoin’s prices are stable, with a potential for increased volatility in the near future. This indicates that Bitcoin may soon break out of its current state of equilibrium.

According to Glassnode, BTC has been consolidating within a narrow range for over two months now, indicating that the primary cryptocurrency is likely entering a new phase of high volatility.

The same company notes the fact that a potential short-term upside target could reside around the $33,500 level. They also made sureto state the fact that at this specific price level, many investors who bought in 2021 and 2022 will break even.

“The Active Investor Cost Basis is currently trading at $33.5k, which accounts only for investors actively participating in the market, and provides a near-term upper bound price model. With the Active Investor MVRV (market-value-to-realized-value) at 0.83, it suggests that many 2021-22 cycle buyers are still underwater, and may be waiting for break-even prices to liquidate their holdings,” the firm said.

They continued and revealed the fact that “…Price breaking above $33.5k would indicate that the average investor from the 2021-22 cycle is now back in profit, and reflects a psychological area of interest.”

The other day, we were revealing the fact that a popular crypto analyst said recently that Bitcoin (BTC) is just about ready to cross a key resistance level that historically starts a bull run.

We’re referring to PlanB who said that he’s patiently waiting for the top digital asset by market cap to cross its two-year realized price, which currently sits at the $29,500 level. Check out our previous article in order to learn more details about this.