The weakness continues unstoppable as most cryptocurrencies, starting with Bitcoin, are experiencing extreme selling pressure. All bullish indicators have reversed significantly, making a near-term trend reversal unlikely. Additionally, the BTC price correction that is deepening day by day suggests that new lows may form in the coming days.
That said, do you see any reason to remain bullish on Bitcoin? Or are star tokens still floating amid the current bull market?
Bitcoin’s current volatility is within expected range. The 2017 rally was no different from the current rally, with large swings as the parabolic trend progressed. Therefore, this correction was much anticipated by many analysts, which could form a low and lead to a further decline of up to 10% to 12%. As a result, compared to the past, the realized ceilings for the four age groups show similar deviations from previous years, so the outlook for this year remains bright.
The realization limit is calculated for each UTXO (Unused Transaction Output) based on the price at the time of the last move. The four-year bands are considered half-life events that occur every four years. therefore, Data from CryptoQuant It shows that the Bitcoin market is experiencing short-term overheating. Moreover, this suggests that the rally has not yet reached a cyclical high as retail investors have not fully entered the market.
Therefore, there is more room for extended bearish action that could lead to a decline below $55,000 in the next few days. Here, new whales who can become ETF buyers can jump in to acquire an average of over $56,000 worth of BTC. Moreover, the Bitcoin macro index continues to surge, suggesting that a similar rally like 2013 could occur in the coming days.
Therefore, Bitcoin (BTC) price continues its upward trend, suggesting it is heading towards a potential peak by mid-2024 and a second peak in 2025.