Lead Glassnode Analyst Expects Bitcoin Pump to “Correct” After Rally to $44k

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By BitcoinWiki News



Bitcoin (BTC) Analysis

1. Bitcoin hit a new yearly high of $44,400, up 16.5% from 7 days prior, but analyst James Check predicts a near-term consolidation or correction. The True Market Mean Price is currently at $31,454, 25% below the current exchange rate, and the supply dynamics favor the Bitcoin bulls. The upcoming halving event is expected to double the ratio of daily BTC mined, and analysts see it as a catalyst for higher BTC prices.

2. Bitcoin reached a new yearly high but is expected to consolidate or correct near term, according to analyst James Check. The True Market Mean Price is currently below the exchange rate, and supply dynamics favor Bitcoin bulls. The upcoming halving event is seen as a catalyst for higher BTC prices, but it will also impact the mining industry.

Insights:

1. BTC Price Movement: How might the near-term consolidation or correction impact investor sentiment and market dynamics?

2. Halving Event Impact: What are the potential implications of the upcoming halving event on BTC prices and the mining industry?

3. Mining Industry Outlook: How will the halving event affect the profitability and operations of BTC miners, and what might be the long-term implications?


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