🤔 On-chain indicators show signs of accumulation by long-term holders, but analysts have differing views on market trends
Recently, Bitcoin prices have shown a moderate upward trend, and the group of long-term holders has gradually increased their holdings. On-chain analysis expert Axel Adler Jr. pointed out that despite continuous market volatility, the supply of Bitcoin by long-term holders is indeed on the rise. This phenomenon may indicate that Bitcoin prices are about to experience a new round of significant increases, reminiscent of historical bullish markets.
Currently, over 90% of the total Bitcoin supply is in profit, and market sentiment is generally positive. In the absence of obvious adverse factors, the market is expected to welcome a bullish trend similar to that of 2017.
Although Bitcoin prices have recently retraced, raising doubts about the bullish outlook, there is no need to worry excessively. Many investors remain optimistic, and Bitcoin's trading volume has even increased by nearly 31% in the past 24 hours, indicating that market activity is still strong.
However, according to cryptocurrency analyst Ali Martinez, this recent drop in Bitcoin prices might lead to a bearish head and shoulders pattern. He pointed out that Bitcoin has broken below the previously established support line between $95,400 and $98,400, where approximately 1.8 million addresses purchased over 1.5 million Bitcoins.
Therefore, he believes that $92,000 is a very important support level moving forward, and if it breaks below this price, Bitcoin could further decline to $74,000, as there has been rapid price increases since the U.S. elections, with relatively few support levels before the $74,000 mark.
💬 What are everyone's views on the upcoming trends for Bitcoin? If it were you, would you choose to increase, decrease, or hold your position at this stage?
