Summary
TLDR: Bitcoin’s journey to $100k seems inevitable, but a correction could happen soon based on on-chain data suggesting a potential 27% drop. The number of profitable BTC holders is almost 100%, and some whales are starting to move out, indicating a potential shift in market sentiment. Despite bullish EMA lines, a correction to $52k is possible if $67k support is not sustained, but BTC could reach $75k or $80k if the uptrend continues. This article is for informational purposes only and not financial advice.
Key Points
1. On-chain data suggests a potential correction of 27% in Bitcoin’s price, as the number of profitable BTC holders approaches nearly 100%.
2. Some whales are starting to move out of Bitcoin, with a slight decline in the number of addresses holding at least 1,000 BTC, indicating a possible liquidation of positions.
3. Despite the bullish EMA lines indicating an uptrend, a correction could still occur if Bitcoin fails to sustain the $67k support, potentially leading to a 27% decrease in price.