Bitcoin has been on a bullish run, reaching $50,000 for the first time in two years. However, some crypto analysts believe that a correction may be on the horizon.
Potential Pullback
Cryptocurrency expert Crypto Jelle recently shared his analysis with his followers on social media. He believes that Bitcoin could undergo a retest anytime soon.
Jelle’s analysis shows that Bitcoin has been in a “rising channel” for the past six years. He believes that the crypto asset is not likely to break out of this channel anytime soon. As a result, he expects Bitcoin to retest the mid-range of the channel.
Higher Timeframe Bullish
Despite the potential pullback, Jelle remains bullish on Bitcoin in the long term. He believes that the digital asset has the potential to reach a new all-time high.
Jelle highlights that in the lower timeframe, Bitcoin’s performance looks weak. However, in the higher timeframe, BTC’s performance looks promising, suggesting a move to a new price level.
BTC Whales Selling
Despite the bullish sentiment, reports have revealed a significant selling spree from BTC whales. Over the past two days, whales have sold over 30,000 BTC valued at $1.56 billion.
This sell-off could be a sign that whales are losing confidence in Bitcoin. It could also indicate the start of a distribution phase, which could extend the bearish action in the short term.
