cryptocurrency Analysis company CryptoQuant evaluated the possibility of a new correction in Bitcoin prices after the recent declines. The company’s analysts have identified several factors that indicate a further price correction in Bitcoin is likely.
The cryptocurrency market continues to heat up and the prevailing sentiment is the expectation of further price gains and a rapid recovery.
However, one CryptoQuant analyst says he sees signs of the possibility of a decline. Here are the factors shared by the analyst:
- Average 30-day funding rates remain high and reflect 2021 all-time highs.
- Bitcoin price is currently at an all-time high and facing its biggest resistance yet.
- The price is in a defined channel with an expansion/retracement of around 20%, which is an ideal scenario for large investors to build significant positions.
Interestingly, the Bitcoin price is up more than 300% since the last time the market crashed. In all the short 20% corrections along the way, there was no premium period like the current one.
According to the analyst, for the first time in three years, individual investor fund flows did not reach a value above the mid-range. This strongly indicates the presence of this category of investors in the market.
*This is not investment advice.
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