Glassnode’s co-founders, Jan Happel and Yann Allemann, believe Bitcoin (BTC) might have hit its lowest point. Their analysis suggests the recent correction could be over.
Bitcoin’s Bottom?
Their reasoning centers around long-term holders (LTHs), those who’ve held BTC for at least 155 days. They noticed that LTH selling wasn’t as intense this time around compared to the first quarter of the year. This lack of massive selling, they argue, signals that the bottom may be in. At the time of writing, Bitcoin was trading around $96,726.
FET: An Altcoin to Watch?
The analysts are also bullish on Fetch.ai (FET), an AI-focused cryptocurrency. They use a three-part checklist to evaluate altcoins during Bitcoin corrections: strong fundamentals, a relevant narrative, and a neutral Relative Strength Index (RSI). They believe FET meets all these criteria, suggesting it’s a good time to accumulate. FET was trading at $1.62, up 8.1% in the last 24 hours.
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