Bitcoin savers are going through a “high stress” moment


Basic facts:
  • According to Glassnode, long-term profitability is going through an extreme period.

  • After another drop in the price of BTC, market sentiment is once again fear-mongering.

The current moment in the cryptocurrency market is causing “a lot of stress” for long-term bitcoin (BTC) savers. This is according to Glassnode, a company that analyzes movements on the Bitcoin network.

Glassnode says in a tweet this week “Profitability for long-term savers is under tremendous stress in a bear market.” That’s because loss levels where BTC is stored for a long time is close to an all-time high.

Throughout history trade with bitcoin only 193 days out of 4,421, which is 4.4%, it has lost more than it currently does. This level of losses can be very worrying for bitcoin investors and savers.what is meant by the term “extreme stress” as used by Glassnode.

the graph shows the level of losses for long-term holders
Long-held, BTC maintains losses close to all-time highs. Source: Glassnode.

This year was a bear market – from January 1st. by this Friday, August 26, the price of BTC had fallen by more than 50%. Therefore, the overall feeling is one of fear and uncertainty.

The Fear and Greed Index, which measures market expectations from various perspectives, returned to the level of “tremendous fear”.» boosted sentiment in recent days after a slight recovery towards $24,000 per BTC. But now, with a recent drop to $21,000, the positive sentiment has faded again. it is evaluated in an alternative.me.

Bearish structure and predicted trend

Glassnode itself recently pointed out that there is still time for a bear market. As we reported in CryptoNoticias, now Demand for BTC is low and the market is experiencing a bear structure similar to previous years. In his estimation, with various metrics pointing to some fundamental weakness that will keep BTC down, the cryptocurrency may not recover for several months.

In addition, there are analysts who confirm this assessment. For example, in this Thursday’s paper, we looked at the estimates of the company’s CEO to changeand Coinbase, Brian Armstrong, El Mercado Bajista may last until 2023

On the contrary, there are also positive indicators. The latest information shows that bitcoin is already hovering around its bottom in this bear market, and this is the ideal time to buy, with the highest potential for good returns. This is suggested by the alleged end of capitulation Bitcoin network miners as shown by metrics hash strips which we also reviewed this Thursday.


Source: www.criptonoticias.com

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