Glassnode: Bitcoin may fall below $88,000 and then attempt to break through $100,000 again

Based on Glassnode's report, if the market continues to decline, Bitcoin could potentially fall below $88,000 and then continue towards the threshold of $100,000. The report highlighted a key "gap" as BTC's rapid rise resulted in little trading activity between $76,000 and $88,000 creating an undeveloped price range that may attract market attention if the current pullback persists. However, such price behavior is natural during the price discovery phase which typically involves cycles of rising prices followed by corrections and consolidation to establish stable price ranges. Observing supply distribution during this phase is crucial for revealing potential supply-demand areas that might influence Bitcoin trends.

Earlier today news reported that Standard Chartered Bank analysts suggested BTC might consolidate within the range of $85,000 to $88,700 before moving upwards.