Editor's PiCK
"Bitcoin (BTC), Recent Decline is a Healthy Correction... Could Rise to $130,000 Within 3 Months"
Summary
- Analyst Axel Adler Jr stated that the recent decline of Bitcoin is a healthy correction and that it could rise to $130,000 within 90 days.
- The analyst, based on on-chain indicators, mentioned that the current price cycle is a correction phase rather than a bear market, and BTC is not in an overheated state.
- He explained that if the resistance at the $123,000 range is broken, potential declines could occur as investors take profits.
According to Cointelegraph, a media specializing in virtual assets (cryptocurrency), the recent decline of Bitcoin (BTC) is a healthy correction, and it could rise to $130,000 within 90 days.
Axel Adler Jr, a CryptoQuant analyst, stated on X (formerly Twitter) on the 24th that "according to on-chain indicators, the current price cycle is closer to a healthy correction rather than the start of a bear market, and BTC has not yet entered the overheated zone."
He continued, "The Cumulative Value Days Destroyed (CVDD) indicator shows that the market is still in a growth phase," and explained that "if BTC breaks through the significant resistance at the $123,000 range, potential declines may occur as investors take profits."
Meanwhile, BTC is trading at $88,442 on the Binance Tether (USDT) market as of 04:19 on the 25th, up 4.04% from the previous day.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
