glassnode: Bitcoin Could Drop to $88k if Unable to Reclaim $113k

BlockBeats News, October 30th, glassnode published a market insight stating that the on-chain market structure continues to reflect that the market is in a phase of adjustment and realignment. Bitcoin failed to hold above the short-term holders' cost basis, highlighting its weakening momentum and continued selling pressure from both short-term and long-term investors. The high level of decentralization among long-term holders and the persistently high exchange outflow indicate that market demand is nearing saturation, implying that the market may need a longer period of consolidation to rebuild confidence. Until long-term holders resume accumulation, Bitcoin's upside potential may still be limited.

The market continues to struggle above the short-term holding cost basis (around $113,000), which is a key battleground where bulls and bears are clashing. If it fails to reclaim this level, it may further decline towards the realized price by active investors (around $88,000).

It is worth noting that this analysis accurately predicted the impact of the unexpected event from the Federal Reserve on Bitcoin: "The current calmness of the market is conditional, temporarily stable, but if the Fed's actions deviate from expectations, this calmness will become fragile."