While all investors and the market were waiting for the historical moment in Bitcoin, BTC rose to $ 69,000 yesterday evening.

However, this joy did not last long and with the selling pressure from $ 69,000, BTC fell to $ 59,000 in about 5 hours.

With the market painted red, this decline worried investors. While it is still unclear whether the correction is over or not, successful analyst Ali Martinez stated that based on Santiment's data, Bitcoin may experience a harsher correction according to the MVRV indicator, which is currently at 19.57%.

Martinez warned investors, stating that every time the MVRV indicator exceeded the 18% threshold since February 2021, the Bitcoin price has fallen between 24% and 55%. According to historical data, a worrying picture could emerge for Bitcoin, and if this pattern repeats, a decline of at least 24% could risk BTC falling to $52,000 levels.

According to the analyst, the MVRV indicator and the MVRV-price trend in Bitcoin should be closely followed by investors:

"The Bitcoin MVRV indicator is currently at 19.57%! Every time it has crossed the 18% threshold since February 2021, the BTC price has dropped between 24% and 55%. Traders need to follow the MVRV indicator and this trend because it is a steep predicts price correction!”

In addition to Martinez, Santiment stated that Bitcoin was overshadowed by concerns with the 7% drop after reaching its all-time high, and emphasized that "calls to buy the dip" have reached the highest level in recent months. $BTC $ETH