Glassnode Report Explores Bullish and Bearish Scenarios for BTC

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Glassnode analysts have presented arguments in favor of optimistic and negative scenarios for the further development of the Bitcoin situation.

According to them, the current historically low volatility indicates a coming exit from the consolidation.

On-chain indicators continue to signal low activity and low network usage.

The prerequisites for the resumption of the downward movement are multi-year lows both in trade turnover and in the volume of value transferred through the blockchain, which indicates the risks of liquidations in the event of a significant distribution of coins.

The growth of the hashrate and the mining difficulty indicator to record levels reduced the income of miners per unit of computing power. According to the analysts’ regression model, the cost of mining 1 BTC reached $19,300, which is close to the current spot price.