The world’s largest cryptocurrency Bitcoin After briefly reaching its all-time high of $69,000 last night, it fell sharply and fell to $59,000 in about 5 hours.
While this decline and the subsequent increases caused the liquidation of more than 1 billion dollars of leveraged positions. CryptoQuant The selling pressure in Bitcoin is likely due to historically high profit taking and miners BTC He said it was due to the disposal of some of his assets.
While BTC has recovered again and risen to $ 67,000, some analysts expect the correction to continue and some expect the rise to continue.
Commenting bullishly on BTC, Alex Adelman, CEO of Bitcoin reward application Lolli, evaluated BTC’s movements to Coindesk.
“Bitcoin only took a break from its rise with the decline yesterday. At this point, we can see Bitcoin’s rise continuing as new production continues to outpace strong demand from Bitcoin ETFs and an average daily inflow of $500 million.
Increased scarcity following April’s halving and strong demand from retail and institutional investors will likely push Bitcoin’s price higher.
Based on historical trends following the halving, the price of Bitcoin could rise above $150,000 next year.”
However, experienced analyst Ali Martinez said that the MVRV rate in Bitocin indicates a sharp correction according to historical data.
*This is not investment advice.
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