Glassnode warns of potential Bitcoin price drop to $70,000
Analytical company Glassnode reported that Bitcoin buyers who purchased at the peak price of $109,000 in January are now selling due to fear as the digital currency’s price drops. Glassnode has not dismissed the possibility of Bitcoin falling to $70,000. The recent selling by top buyers has resulted in significant losses. The average purchase price for short-term holders (less than 155 days) has increased from $62,000 in October and early fall to $91,362. Currently, Bitcoin is trading at $81,930, indicating an unrealized loss of approximately 10.6% for short-term holders. Glassnode warned that if the selling continues, Bitcoin may drop to $70,000.
