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29 March 2024
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Bitcoin Analysis: BTC corrects after 3 months of discharge

While Bitcoin (BTC) maintains its long-term uptrend, some newbies in this world are frightened by a mere 15% drop in cryptoactive over the past few days.

What to expect from this fix and what Bitcoin’s next targets are what we’ll see in today’s review.

When we look at the monthly chart we see that the price of BTC remains strong on the upside and the current correction does not represent anything significant for this bull cycle, for the moment the target at $100k remains valid.

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On the daily chart we see the correction that is currently close to 12% and we are in a moment of natural price correction after the 3rd leg higher. After the current correction we should have a wave 5 of high that can take prices between US$ 80 and US$ 100 thousand dollars.

Daily Chart (D)

When analyzing the fundamentals of BTC, we see that portfolios with more than 10,000 Bitcoins have been growing strongly over the last month and this could indicate large investors accumulating.

Glassnode: Accumulation of Bitcoin

The number of Bitcoins on exchanges has been falling sharply for a few months and from August 2021 to the present day, this fall has intensified, remaining today with only 13% of Bitcoins in brokers.

Glassnode: Bitcoin on Exchanges

Despite the current correction of the BTC, given the fundamental scenario, this correction is likely to last for a short time until the US$50 – US$45,000 dollar and after that it will rise again in the coming weeks.

Bitcoin Daily Chart (D)

Read also: Token SAND soars 33% in 24 hours with platform launch

Read also: Avalanche hits $100 with record capture in DeFi ecosystem

Read also: Analyst predicts big rally for play-to-earn style gaming cryptocurrency

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