Just as recovery seems imminent, the price of Bitcoin has dropped again.

This has led many analysts to believe that a larger decline has yet to come. Once this new bottom is formed, BTC will soar to new highs. Bitcoin fell from $102,000 to $95,000 in less than a day, which may have dampened market sentiment, but experienced traders remain unfazed. Most cryptocurrency markets still appear bullish as before, advocating for accumulating more BTC during price dips. Similarly, other optimistic analysts are sharing signs that support a rapid price recovery. BTC awaits a bigger pullback.

One analyst noted an interesting change in the number of weekly active addresses. Specifically, the number of active addresses on the Bitcoin network appears to have dropped to very low values after this pioneering crypto asset reached a price level of $101,000 yesterday. As seen from the post above, the analyst continues to indicate that this is a bullish pattern, adapting to future market volatility and new ATHs after the new local bottom.

Meanwhile, another analyst shared a chart and explained what might happen next for BTC. He stated that BTC is at the first key support level. As for what happens next, he explained that much of the liquidity has been withdrawn. However, if the price drops below $93,000, there are still many leveraged longs that could be liquidated.

He went on to summarize that Bitcoin's price may still have some downside potential, but the chances of BTC hitting a local bottom here are high. The expectation for a pump is increased by what the aforementioned analyst shared: he anticipates that BTC will experience another sharp rise of more than 10% before reaching the previous ATH. He stated that this possibility remains strong, and once realized, it will usher in a new ATH.