Bitcoin Market: Are We Headed for a 30% BTC Drop
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An analyst has alerted investors that a potential Bitcoin decline of up to 30% may be on the horizon.
-
This follows strong bullish sentiment and expectations for a lasting rally in the market.
Bitcoin [BTC] has demonstrated significant resilience in recent weeks, appreciating by 39.51% over the last month and elevating its market capitalization to $1.85 trillion.
Nevertheless, there has been a 5.15% drop in value over the past 24 hours, implying a potential pause in its upward trajectory.
While this setback might indicate a normal correction phase, the positive fundamentals remain intact. Bitcoin could regain its momentum following this consolidation period and proceed with further gains.
Might BTC Undergo Correction?
The crypto analyst King Young Ji warned that BTC might confront a substantial corrective action before renewing its upward movement.
“Even during an intense bull run, Bitcoin can experience corrections of up to -30%”
This statement was supported through historical data referenced by him.
He cited Bitcoin’s journey during the historic bull run of 2021 when prices surged from $17,000 to $64,000. Despite robust growth, BTC experienced five considerable pullbacks.
The minimum correction recorded was around 10%, whereas maximum corrections hit as high as 28%, underlining even bullish phases’ inherent volatility.
According to his analysis,
BTC may witness similar corrective movements.
These drawdowns are not merely alarming; they are vital components of sustainable market cycles often paving the way for future price increases.
The expert cautions about current transition phases within the market where prudence is advised.
Surge In Active Addresses And Transaction Volume
& nbsp; &nbs;
Activity along the Bitcoin network is on an upswing with notable boosts in both active addresses and transaction volumes.
These metrics serve as crucial indicators suggesting an impending bullish rally.
The count of active addresses reached approximately
1,
276,
535—marking peak activity levels since May.
This upward trend correlates with remarkable growth reflected by a healthy progression reaching
56.
27%
in transaction volume;
indicative signs reinforcing possible momentum building upwards.
The metric related to active addresses derives from counting unique wallets engaged across all BTC transactions spanning
a standard observation period;
For example:
the last forty-eight hours
<
Meanwhile,
total token transfers exhibited significant recovery ensuing sharp declines witnessed previously .
Investors resumed engagement post incidents moving assets exceeding one million dollars worth
of
BTC
.
Continued progress within
Bitcoin’s trajectory stands poised for accentuation amid these favorable patterns persisting ahead._
Software hands off their own digital currency
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