Bitcoin recently took a small dip, dropping 9% from its all-time high of $99,800. But don’t panic! Many experts believe this is just a temporary setback in a much larger bullish trend.
Is the Bull Run Over? Probably Not.
The recent price drop is viewed by many as a healthy correction within a larger upward trend. This is supported by several key metrics. A prominent analyst, Axel Adler, points to ongoing strong on-chain activity and continued demand from long-term holders as signs of a healthy market.
What the Numbers Say
Adler highlighted the Bitcoin Value Days Destroyed (VDD) metric. This metric tracks the activity of long-term holders. Red bars on this indicator usually signal a market top or trend reversal. The good news? There are no
red bars right now, suggesting the bull run isn’t over yet.
Key Support and Resistance Levels
Bitcoin recently tested the $90,800 support level after failing to break through $100,000. Holding above $90,800, and especially above $93,800, is crucial. Staying above these levels suggests a continuation of the upward trend and a potential push towards $100,000. However, falling below $90,000 could signal further consolidation and a delay in reaching new highs.
The Bottom Line
While there’s some uncertainty, the overall outlook for Bitcoin remains bullish. Key metrics suggest the recent correction is a normal part of the market cycle. The price action around the $90,000 and $93,800 support levels will be key to watch in the coming days to determine whether Bitcoin can continue its upward trajectory.
