Bitcoin Price May Dip to $61k Amid Selling, Bull Rally Expected
The Essentials in Brief
Short-term Bitcoin holders could push the price down to $61,000 as they continuously sell BTC. This could lead to a correction of the current price. After Bitcoin recently hit the $65,000 mark, the recent wave of sales suggests that a trend reversal or a persistent price decline could be imminent. But what does this mean for the future of Bitcoin?
Selling Pressure on Bitcoin Increases
In the past week, the price of Bitcoin increased by more than 8%, enabling a rise towards $65,000 on August 24. However, there was a slight price correction in the last 24 hours. According to CoinMarketCap, Bitcoin was trading at $63,816.53 at the time of analysis, with a market capitalization of over $1.28 trillion.
Interesting patterns were uncovered by intoTheBlock, showing that observing the balances of short-term traders can provide important information. Historically, increases in this metric often coincided with market peaks and troughs, which can provide useful clues for market timing.
BTC’s Way Forward
To determine whether BTC has reached its market bottom, the BTC Pi Cycle Top Indicator was analyzed. The analysis suggests that BTC may have reached its market bottom at $63.7k. If the indicator is correct, BTC could soon start its bull rally and reach its possible market high of $102k in the coming weeks or months.
Further metrics, such as data from CryptoQuant, show that the Coinbase premium is in the green zone, indicating strong buying sentiment among US investors. The net deposits on exchanges are also low compared to the seven-day average, indicating an increase in buying pressure. However, a sharp increase in the NVT ratio suggests that the asset may be overvalued, suggesting a price correction.
Our Assessment
The recent sales actions of short-term Bitcoin holders and the resulting price correction could be considered a healthy market correction. Although some indicators suggest a possible overvaluation and impending correction, other metrics show strong buying sentiment and a potential uptrend. Investors should closely monitor these developments and adjust their strategies accordingly. In the long term, Bitcoin could consolidate its position as the leading cryptocurrency, but short-term fluctuations are not uncommon in this volatile market.
Sources: CoinMarketCap, intoTheBlock, Glassnode, CryptoQuant
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