Will the comeback continue in Bitcoin?

▪︎ What is the long-term outlook?

▪︎ According to on-chain data, has the bottom come for #BTC?

Recent weeks have been quite bumpy for Bitcoin (BTC). BTC price fell below the $ 60,000 level during the week, a situation that worried many investors. The leading cryptocurrency recovered after significant corrections and is currently trading at $63,167.

Bitcoin, which has risen 6 percent in the last 24 hours, points to a potential turnaround in the cryptocurrency market. This has revived optimistic expectations among investors and analysts.

Is there a buying opportunity?

Although the Bitcoin price has been quite active in recent days, many traders believe that this is an opportunity. Fundstrat co-founder Tom Lee sees this as a buying opportunity. Lee is of the view that the April drop was a “hoax” and presented a buying opportunity for both Bitcoin and stocks.

Lee also notes that the decline is a healthy correction and is likely due to profit-taking.

The analyst named El_crypto_prof sheds light on the future outlook of Bitcoin by drawing parallels with a historical market trend. According to the analyst, BTC touched a trend line that has played an important role since the beginning of 2023, and this line indicates that the price will move higher.

Crypto analyst TechDev, who had the same opinion, stated that in the long term, the trend could carry the BTC price to 90 to 100 thousand dollars.

What do on-chain data show in Bitcoin?

The BTC Age Consumed and realized profit/loss metrics shared by Santiment indicate that the bottom level has not yet arrived.

Although on-chain data indicate that the bottom has not yet arrived, the magnitude of the selling pressure in April does not go unnoticed.

Stay tuned at @Yapay Zeka AI 👈 for important data.