🙈Is Bitcoin Price Going to Drop Further? 🙊
This is the question most of us are asking ourselves right now. So it's good to pay attention to the following key points:
💥Over 84% of Bitcoin addresses are still in profit, indicating potential for further selling pressure.
💥Bitcoin's RSI and historical patterns suggest a possible 38% drop towards the 200-week EMA.
💥Despite bearish signals, a bullish flag pattern could send Bitcoin back to $80,000.
Bitcoin $BTC has seen a significant correction since its peak in March 2024, falling from around $74,000 to below $60,000. Several factors have contributed to the cryptocurrency’s decline, including the long-awaited refunds from Mt. Gox, the US and German governments’ liquidation of their seized BTC, and the impact of the falling yen carry trade on global markets.
These elements raise concerns about whether the price of Bitcoin will continue to fall or if a recovery is on the horizon.
Despite the recent correction, over 84% of Bitcoin addresses are still in profit, according to data from Glassnode.
Historically, such high levels of profitability have coincided with local market highs, often preceding major price corrections, as seen in the bear markets of 2021 and 2022.
The chart reveals that when the percentage of profitable addresses exceeds 90%, Bitcoin often faces increased selling pressure. This selling typically comes from investors looking to lock in profits, fearing a potential market crash.
