{"id":278406,"date":"2020-11-27T08:40:30","date_gmt":"2020-11-27T13:40:30","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=278406"},"modified":"2020-11-27T08:40:30","modified_gmt":"2020-11-27T13:40:30","slug":"stack-funds-calls-btc-correction-healthy-pullback-and-predicts-bull-run","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/stack-funds-calls-btc-correction-healthy-pullback-and-predicts-bull-run","title":{"rendered":"Stack Funds Calls BTC Correction \u201cHealthy Pullback\u201d And Predicts Bull Run"},"content":{"rendered":"
Stack Funds, the crypto index fund provider, has already gone to label the pullback in the BTC market as a \u201chealthy\u201d correction, claiming that it was needed before Bitcoin<\/a> could continue its upwards trend.<\/p>\n Earlier this week, bullish sentiments were at their highest when Bitcoin managed to break through the $19,000 mark, having posted seven weeks of consecutive gains prior to this. Stack Funds, however, highlighted that Bitcoin had been overbought since October, which only supported the need for a correction further.<\/p>\n As justification, the firm took a closer look at the market psychology and its metrics for Bitcoin. According to the index fund provider, market participants are in the \u201cbelief\u201d stage, currently. According to Stack Funds, however, this sentiment will move into the \u201ceuphoria\u2019 stage of the market sentiment in due time.<\/p>\n Stack Funds cite the data from Glassnode<\/a>, a crypto data provider, in order to support its claims. In particular, the crypto fund provider cites the net unrealized profit\/loss (NUPL) provided by Glassnode. This compares the current price of a BTC with the price of each coin when it was last moved on-chain.<\/p>\n Historically speaking, the market tops can be reliably seen the moment more than 95% of people have moved into profit. Through the breakdown of various market states, Glassnode is capable of breaking down the overarching macrocycles of the world\u2019s first cryptocurrency.<\/p>\n This \u201cbelief\u201d state currently held by the Bitcoin market<\/a>, which it just moved into this month, has been held for over a year back in 2017 during that great bull market. This market saw Bitcoin rise by an incredible 2,250%, going from $850 to $20,000.<\/p>\n Comparing the data from 2017\u2019s bull market to the current state of Bitcoin, the fund explains that a quarter of this price increase witnessed during that year will see Bitcoin smash past the $86,000 mark by next year, when the space will enter the \u201cEuphoria\u201d stage.<\/p>\n Many other analysts have come out and speculated about this, as well.\u00a0 They are convinced that this market correction had already bottomed out. Mati Greenspan, the founder of Quantum Economics, went as far as to call a 17% pullback rather tame<\/a> considering the stage of the cycle Bitcoin\u2019s market.<\/p>\n Lark Davis, a prominent crypto personality, highlighted how<\/a> it didn\u2019t even take long for the correction to stop at its current price, which is around $16,500. As such, he\u2019s unsure if this dip will stay where it was or go even lower.<\/p>\n","protected":false},"excerpt":{"rendered":"Predicting A Looming \u201cEuphoria\u201d Stage<\/h2>\n
Glassnode Sentiments Prove Looming Bull Market<\/h2>\n
<\/a><\/p>\n
17% Drop Could Have Been Worse<\/h2>\n