Are Investors Expecting a Bitcoin (BTC) Price Correction? Here’s what you need to know!

The current market trend suggests that the bears have frozen the important resistance level at $44,200, which has led to the assumption that the bearish trend is valid. A bullish trading breakout was expected with the imminent launch of a Bitcoin spot ETF. However, according to recent reports, some cryptocurrencies, including Bitcoin, are expected to plummet in the first quarter of 2024.

Cryptocurrency market caps are hovering within a narrow range as skepticism continues to linger. Moreover, BTC dominance is fading, suggesting the resurgence of a powerful AltSeason. This could be a reason to be bearish against Bitcoin, but the main factor lies in the UTXO realized price distribution, which reached 500K at around $43,200 levels.

On-chain data shared by one of the following: Popular Analyst Ali, indicating that more than 500,000 BTC moved within the specified range ($43,200). Therefore, this can be considered a pivotal level that the bulls must maintain strongly. Otherwise, the BTC price is expected to fall to $37,000. Therefore, bulls need to keep the price above this level to maintain a subtle uptrend.

Secondly, according to some reports, more than 80% of all BTC has not been moved in the last 6 months, which also indicates a new ATH. This indicates growing optimism among retail traders who expect an uptrend ahead. Although an overall bearish cloud hovers over the Bitcoin (BTC) price, it is believed that in the long term the token will see a symbolic uptrend.