Bitcoin Must Drop to $104K to Mirror Past Bull Market Dips, Says Glassnode

Bitcoin is stuck in what I'd call a textbook "rich get richer" correction phase right now. Looking at the charts, BTC is hovering around $113,213, which is roughly 10-15% below the ridiculous heights it reached last month. Not that I'm complaining - this little dip is nothing compared to the bloodbaths we've seen before.

According to Glassnode's latest analysis, we're looking at a critical zone between $104K-$114K. They're calling it a "consolidation corridor" - fancy jargon for saying the big money is shaking out weak hands before the next leg up. Been there, seen that movie before.

If Bitcoin drops below $104.1K (which honestly wouldn't surprise me), we'll just be replaying the same old exhaustion phase we've witnessed multiple times this cycle. The big players always need to flush out the newbies before moving higher. That's just how this manipulated game works.

The most revealing part? Short-term holders are getting absolutely crushed right now. Their profitability collapsed from 90% to a measly 42% during this dip. Those poor souls who bought the top are now panic-selling to the same whales who pumped it up in the first place. It's almost comical how predictable this market is.

"This cooling-off period is typical," claims Glassnode. Yeah, typical for making retail investors lose their shirts while institutional money quietly accumulates. The bounce back to $112K was just another head fake to keep hope alive.

What's particularly annoying is that this marks the third "euphoric rally" of the current bull cycle. Each time, the hype machine cranks up, everyone believes "this time is different," and then boom - another shakeout. The current setup points to a volatile sideways market where traders will get chopped up while market makers collect fees.

If you ask me, whether we hit $104K or bounce from here doesn't matter much. The real game is being played behind the scenes by entities with enough capital to move the market however they please. The rest of us are just along for the ride, trying to grab some crumbs.