Recently, Bitcoin has undergone a correction, losing 2.12% in price and falling below $110,000. However, analysts are confident that the market is still bullish.
Market Status and Bitcoin Indicators
In the past week, Bitcoin lost 2.12%, leading to speculation about a potential peak in activity. However, the analytics platform CryptoQuant claims that bulls are still in control of the market, and no 'cycle top' indicators are evident.
Actions of Miners and Long-Term Investors
According to data, there are fewer Bitcoins on exchanges, indicating that investors are not looking to sell the asset. Long-term holders continue to accumulate coins. Technical indicators show that the Market Value to Realized Value (MVRV) is still below 3.6.
Analysts' Predictions on Price Movement
At the time of writing, Bitcoin was trading at $108,813.57, representing a 0.39% increase in the last 24 hours. Analyst Michaël van de Poppe predicted that this correction might push prices down to $103,000 before a sustainable rebound.
Despite the current correction, multiple indicators suggest potential growth for Bitcoin. Investors, especially miners and long-term holders, remain optimistic in their forecasts.
