On-chain analytics agency Glassnode has reiterated the present weak spot in Bitcoin’s worth motion, noting that there’s much less demand for the main crypto now in comparison with after the LUNA crash in 2022. This means that one other Bitcoin crash could also be on the playing cards, with a possible drop beneath the psychological $60,000 stage more likely to set off huge liquidations.
Glassnode Hints One other Bitcoin Crash Could Be Imminent
In an X publish, Glassnode famous that the long-term holder (LTH) Price Foundation Distribution (CBD) Heatmap maps provide density throughout worth ranges. The platform additional acknowledged that the current assist above $65,000 is anchored within the 2024 H1 accumulation vary and that this demand has absorbed current promote strain.
Glassnode warned {that a} decisive break beneath this stage would doubtless open the trail for a Bitcoin crash towards the Realized Value at round $54,000. In one other X publish, the analytics platform famous that in BTC’s first sharp leg down in November 2025, the market absorbed heavy promote strain aggressively, which was just like what occurred after the LUNA and FTX crashes.
In the meantime, though the current Bitcoin crash to $60,000 led to some accumulation, Glassnode acknowledged that it was notably weaker than the November 2025 bounce or the reflexive demand seen after the LUNA collapse. The platform additionally famous that the current crash imposed drastic psychological strain on these long-term holders, just like the LUNA crash.
In each instances, the 7-day EMA of the LTH Spent Output Revenue Ratio (SOPR) fell beneath 1 after buying and selling for one to 2 years above it. Principally, long-term holders are seeing vital losses, a “uncommon shift in conviction” that Glassnode famous usually occurs within the deeper phases of bear markets.
As CoinGape reported earlier, Glassnode flagged a structural weak spot following the current Bitcoin crash. The platform famous that BTC spot volumes are structurally weak and depressed, creating a requirement vacuum and accelerating realized losses. It’s price noting that, along with a possible drop to the Realized Value at round $54,000, specialists equivalent to veteran dealer Peter Brandt have warned that BTC might crash to as little as $40,000 because the bear market deepens.
The Backside Is Nonetheless Not In
On-chain analytics platform CryptoQuant indicated that BTC has not but reached a backside regardless of these Bitcoin crashes. In a analysis report, the platform famous that the Realized worth assist at round $55,000 has not but been examined.
The report additional acknowledged that the BTC worth continues to be buying and selling above this realized worth. In previous cycles, Bitcoin fell 24% to 30% beneath the realized worth, adopted by 4 to 6 months of base formation, reinforcing the view that sturdy bottoms are time-intensive processes fairly than single-day capitulation occasions.
CryptoQuant additional famous that LTH conduct doesn’t mirror capitulation, as these holders are at present promoting at a breakeven stage. Nonetheless, in previous cycles, bear market bottoms have fashioned after holders endured 30% to 40% losses, indicating {that a} additional Bitcoin crash stays on the playing cards earlier than a full reset.
Another excuse CryptoQuant is assured that Bitcoin hasn’t but discovered a backside is that market cycle indicators stay within the Bear Section and never the Excessive Bear Section. This Excessive Bear Section traditionally marks the beginning of the bottoming processes and usually lasts for a number of months.
It’s price noting {that a} Bitcoin crash beneath $60,000 might set off a liquidation cascade primarily based on exercise within the choices market. Deribit knowledge exhibits that the biggest cluster of put choices is across the $58,000 stage. A drop beneath this important assist stage might liquidate a number of positions.
