While Bitcoin rose above $ 53,000 with the rise it experienced in the past weeks, it reached the highest levels it has seen in the last 2 years.
However, some analysts warn investors that there may be a correction in Bitcoin in the coming weeks.
CryptoOnchain, one of the CryptoQuant analysts, stated in his latest analysis that there may be a correction in BTC in the coming weeks and pointed to $ 48,000.
Stating that BTC charts and on-chain data indicate a correction for the price, the analyst claimed that this correction may be caused by the sales of short-term Bitcoin investors.
“On-chain data and Bitcoin price charts indicate the possibility of a correction in Bitcoin price in the coming weeks.
Based on the short-term Holder SORP's 30-day moving average, Bitcoin is approaching the selling area for short-term investors.
Examination of the technical chart also confirms this situation. Bitcoin remains below resistance on the technical chart. It looks like Bitcoin could decline to the $48,000 region. “
Bitcoin continues to trade at $53,450 at the time of writing.
Possibility of Bitcoin Price Correction in the Coming Weeks
“Bitcoin is in the area below the resistance in the technical chart. It looks like #Bitcoin may drop to the $48,000 area.” – By @CryptoOnchain
Link 👇https://t.co/Lc7v7LfqEP pic.twitter.com/XxS7U09dpi
— CryptoQuant.com (@cryptoquant_com) February 26, 2024
On the other hand, it appears that Grayscale sent $253 million worth of BTC to the Coinbase exchange to sell in the last hours. While analysts think that there will be a minor price fluctuation for this reason, many state that the main target is $ 58,000.
*This is not investment advice.
