Bitcoin, the world's largest cryptocurrency, fell sharply after reaching its all-time high of $69,000 yesterday evening and fell to $59,000 in about 5 hours.
While this decline and the subsequent rises caused the liquidation of more than $ 1 billion in leveraged positions, CryptoQuant analyst said that the selling pressure in Bitcoin was probably due to profits being made at historically high levels and miners disposing of some of their BTC 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 had only taken a break from its rise with yesterday's decline. At this point, we can see Bitcoin's rise continuing as it continues to outpace new production with 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.
