bullish

Bitcoin

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>An analyst predicts a possible Bitcoin pullback of up to 30% despite the current bullish sentiment.</li> 
 <li>Bitcoin’s network activity shows signs of potential rally with increase in transaction volume and active addresses.</li> 
</ul>  
<p>Despite the strong bullish sentiment and expectations of a continued rally, an analyst has warned that a <a href="https://coineagle.com/price/bitcoin/">Bitcoin</a> pullback of up to 30% could be imminent. </p> 
<h2 id="bitcoin-s-recent-performance">Bitcoin’s Recent Performance</h2> 
<p>Bitcoin has shown remarkable strength in recent weeks, surging 39.51% over the past month and lifting its market cap to $1.85 trillion. However, the past 24 hours have seen a 5.15% decline, signaling a potential pause in the uptrend.</p> 
<p>Despite this drop, bullish fundamentals remain. Bitcoin could regain momentum and resume its climb after this period of consolidation.</p> 
<h2 id="potential-btc-correction">Potential BTC Correction?</h2> 
<p>Crypto analyst King Young Ji has cautioned that BTC may face a significant corrective move before resuming its upward trajectory. He pointed to Bitcoin’s performance during the 2021 bull run, where prices surged from $17,000 to $64,000. Despite the strong rally, BTC experienced five notable corrections.</p> 
<p>The smallest drop was 10%, while the largest reached 28%, highlighting the volatility of even bullish market phases.</p> 
<p>Bitcoin’s network activity is gaining momentum, with sharp increases in transaction volume and active addresses. Active addresses have surged to 1,276,535, a level last seen in May. This rise is accompanied by a 56.27% jump in transaction volume.</p> 
<p>Meanwhile, token transfer volume has rebounded strongly after a sharp decline the previous day. Over $1 million worth of BTC has been moved, reflecting renewed investor activity.</p> 
<h2 id="bitcoin-exchange-reserves-continue-to-decline">Bitcoin Exchange Reserves Continue to Decline</h2> 
<p>Bitcoin exchange reserves have continued to decline. Over the past seven days, reserves have dropped by 2.75%, with just 2,507,706 BTC available on exchanges at press time.</p> 
<p>Such a decrease typically signals that market participants are moving their BTC to self-custodial wallets, prioritizing personal control over their assets.</p> 
<p>This behavior often aligns with long-term bullish sentiment, as investors reduce the supply available for trading or selling. If this trend persists, it could reinforce a bullish outlook for Bitcoin, potentially driving the asset’s price higher as supply on exchanges dwindles further.</p>

Bitcoin Market Alert: Could We Be Facing a 30% BTC Downturn?

Table of Contents

CoinEagle.com

Other articles published on Nov 26, 2024

ZA Bank Becomes Asia’s First Bank to Offer Retail Crypto Trading: Report

Pump.fun moves 99,999 SOL worth over $23 million to crypto exchange Kraken

For those who want to be millionaires, these 6 coins could make it happen in 2025

Ripple Co-Founder Praises Stellar (XLM) as Industry Leader in Engineering

Router Chain integrates Sui network for cross-chain experience

Influencers get rich, meme coins die: Most bloggers’ advertising is ineffective

Join our free newsletter for daily crypto updates!