Bitcoin (BTC) is encountering potential correction risks after breaching a critical level, according to Glassnode. The on-chain analytics firm reports that long-term holders are realizing significant gains, and ETF inflows are declining, suggesting a possible deeper market correction. Despite these challenges, analysts remain optimistic about October, historically a strong month for Bitcoin, which could stabilize prices and renew market optimism. Glassnode notes that Bitcoin has entered a corrective phase, with exhaustion signs following a recent Fed rate cut, but the average 21.89% return in October fuels hopes for a rally.