Lead Glassnode Analyst Expects Bitcoin Pump to “Correct” After Rally to $44k
Can Bitcoin (BTC) sustain its bullish price momentum this week? Not for long according to James Check – lead on-chain analyst at Glassnode.
The leading cryptocurrency exploded to $44,400 on Tuesday, marking a new yearly high up 16.5% from 7 days prior. Yet despite his long-term optimism on the asset, Check said he’d be “surprised if Bitcoin didn’t consolidate / correct near term.”
“A few months rest would allow investor cost bases to re-acclimate above the True Market Mean Price,” wrote the analyst in a post to X on Tuesday.
I'd be surprised if #Bitcoin didn't consolidate / correct near term.
A few months rest would allow investor cost bases to re-acclimate above the True Market Mean Price.
Remarkably, the market hasn't given back more than ~20% YTD, which suggests persistent and strong spot demand pic.twitter.com/2Ohjkuuwuq
— _Checkɱate
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