History Highlights
Selling pressure on #BTC is intensifying as the price hits new intermediate lows below $62,000, recording a drop of over $11,000 in just 5 days.
Despite this, market participants remain optimistic about further developments and believe that the price of BTC is on the verge of a major explosion.
The bears remain unstoppable as most cryptocurrencies, starting with Bitcoin, are under intense selling pressure. All bullish indicators have changed significantly, indicating less likelihood of a trend reversal soon. In addition, the BTC price correction that is increasing every day suggests that new lows may form in the coming days.
Bitcoin's current volatility is within expectations. The 2017 rally was no different from the current one, where the parabolic trend showed serious fluctuations as it developed. Therefore, many analysts were really looking forward to this correction, which could form lows, dropping another 10-12%. As a result, compared to last year, the year's future remains promising as the introduced restriction of four age groups shows a similar deviation from previous years.
The realized limit is calculated for each UTXO (unspent transaction output) based on the price when it was last moved. A 4-year range is considered, with halving occurring every four years. Thus, CryptoQuant data shows that the Bitcoin market is experiencing a short-term overheat. Moreover, this suggests that retail investors have not yet fully entered the market and therefore the rally has not yet reached a cyclical high.
Thus, there is more scope for extended bearish action that could push the level below $55,000 in the coming days. Here, new whales who could become ETF buyers could purchase BTC at an average price above $56,000. Moreover, the Bitcoin macro index is steadily rising. suggesting that a similar rally similar to 2013 could occur in the coming days.
Thus, the Bitcoin price #BTC continues to be in the middle of a bull run, hinting at a potential top by mid-2024, as well as a second top in 2025.
