Bitcoin has surged nearly 50% since November 5, and despite recent price action showing signs of slowing down, the outlook remains bullish for the leading cryptocurrency.
Bitcoin’s recent pullback is part of a healthy correction within a larger bullish cycle, according to key metrics shared by Axel Adler, a prominent CryptoQuant analyst.
As Bitcoin’s price action slows down from its recent highs, many investors are wondering what comes next for the leading cryptocurrency. While some may expect the bull market to continue, others anticipate a correction or consolidation phase.
However, according to Adler, on-chain activity and demand from long-term holders continue to support the case for further price appreciation.
“If BTC recovers quickly and breaks above $100,000, it could trigger a wave of aggressive buying, fueling a new leg up in the ongoing rally,” he said.
“Alternatively, the price may consolidate around current levels, allowing the market to establish a stronger base before resuming its upward trajectory.”
As investors and traders monitor key support and resistance levels, Bitcoin’s ability to maintain its bullish sentiment will be critical in defining its next price action phase.
All eyes remain on the market as it navigates this crucial juncture.
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