Recent price fluctuations of Bitcoin raise questions about potential market trends. Analysts explore current indicators and investor behavior, which could foreshadow further price changes in the cryptocurrency.
Signals for Further Bitcoin Growth
Analyst Merlijn The Trader asserts that there are no signals indicating a price peak for Bitcoin. Currently, all 30 key indicators remain neutral. For instance, the Puell Multiple, which indicates miner revenue levels, is at 1.39, significantly below the danger mark of 2.2 observed previously at price peaks.
New Investors Exiting the Market
According to researcher CrazzyBlockk, new market participants holding Bitcoin for less than a month are experiencing average losses of around -3.50%, leading to their selling. Meanwhile, more experienced holders who have maintained their positions for one to six months remain profitable with an aggregate increase of +4.50%. This indicates that the market is purging 'weak hands.'
Prospects for Further Price Movement
The current support level for Bitcoin is above the 20-week exponential moving average. A rebound from this level could allow Bitcoin to strive towards record highs, potentially reaching $150,000. However, if the price falls below this level, it could lead to a deeper correction.
Given the current data on indicators and investor behavior, Bitcoin may be on the path to new highs, but there is a risk of deeper corrections if support does not hold.
