Summary
Bitcoin has seen a 72% price increase year-to-date, reaching $73,000. However, indicators suggest a potential price correction with short-term holders sitting on 70% profits and Bitcoin whales selling off large amounts of BTC. A dip to $61,700 is predicted, but influx to Bitcoin ETFs could counteract this bearish outlook. If ETF accumulation continues and Bitcoin stays above $74,000, a bullish price breakout to $85,000 could occur before the halving.
Key Points
1. Bitcoin has seen a significant price increase of 72% year-to-date, starting at $42,560 and reaching $73,000, with no historical price resistance or support, putting the market in price discovery mode.
2. Indicators suggest that Bitcoin may be on the verge of a price correction, with short-term holders sitting on 70% profits in their Bitcoin holdings, potentially leading to a sell-off.
3. Bitcoin whales, large-scale investors holding between 1,000 and 10,000 BTC, have been offloading their holdings ahead of the halving, resulting in selling pressure that could prompt a price correction and potential downward trend.