Bitcoin Likely to Experience Another Price Correction: CryptoQuant

The top cryptocurrency Bitcoin has been making remarkable price surges. Nonetheless, the latest statistics point out that the token is potentially moving toward a looming price correction, igniting several speculations. CryptoQuant, a well-known crypto data and analytics provider, recently took to X to offer some exclusive insights into the current scenario around the biggest crypto token.

Will Bitcoin face another correction

Bitcoin ($BTC) May Face Correction Irrespective of Recent Price Rise

The analytics platform pointed toward a potentially upcoming price correction. In this respect, it disclosed the findings of its analyst “@mignoletkr” who revealed the long-term Bitcoin holders’ recent movement. The analyst reportedly claimed that those who have been holding BTC for 3-5 years have recently moved nearly 90,000 tokens. The movement of the respective tokens has taken place in the recent few weeks.

Bitcoin age bands

The platform also provided details about the parties involved in the token transfer. As per CryptoQuant, the owners of the wallets engaged in the transactions were likely not the exchanges. On the other hand, the actual users potentially owned the respective wallets. Another crypto analyst “@joao_wedson” also commented on this development. As per the analyst, the top crypto has a sharp ratio.

This finding signifies that Bitcoin is at the moment experiencing a high risk. In this respect, the newly coming investors are likely missing the wider market prospect. A significant contributing factor to this risk deals with the recent spikes in the price of Bitcoin. While focusing on the present market conditions, the analyst brought to the front the things to be considered by the investors.

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According to “@joao_wedson,” it is the crucial time when investors should gauge the volatility. In addition to understanding this, they also require keeping in view the broader market dynamics. Moreover, “@DanCoinInvestor” discussed the market activity after the new all-time high of Bitcoin.

A Rebound May Take Place Before Mid-2024

The analyst says that the crypto tokens’ surge to the value of $73,800 is facing a looming correction. The analyst also asserted that Bitcoin is currently witnessing a noteworthy slump in its buying activity in the United States. Nevertheless, the expected whale and institutional purchases will likely fuel a rebound before this year’s mid.

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