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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

The Current Correction In Bitcoin Is The Last Before A Major Rally—Here’s Why

Samuel Edyme
Samuel Edyme
10 months ago
3 mins read
The Current Correction In Bitcoin Is The Last Before A Major Rally—Here’s Why

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Bitcoin price momentum has grabbed significant attention as it gradually sheds some of its gains acquired in the past weeks.

So far, Bitcoin has plunged 7.6% from its all-time high (ATH) of $99,645 seen last week. Particularly, at the time of writing, the asset trades for $92,476. Marking roughly 4.6% drop in the past day alone.

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What To Expect From This Current Bitcoin Decline

Amid the ongoing correction in Bitcoin’s price, a recent analysis from CryptoQuant’s BaroVirtual has highlighted the steady decline in Bitcoin reserves across major crypto exchanges. According to the analyst, this pattern indicates a market amid a “bull run.”

Bitcoin Exchange Reserve.
Bitcoin Exchange Reserve. | Source: CryptoQuant

The analyst drew parallels with the March to November 2020 period, noting that exchange reserves saw a similar decline back then, followed by substantial inflows in December 2020 that fuelled upward buying pressure.

The conclusion? The current dip in exchange reserves suggests that participants who missed earlier accumulation opportunities may now be entering the market before the next price surge.

BaroVirtual noted:

Some market participants who have not properly accumulated Bitcoin earlier are likely doing so now, realizing that this is likely the last downward correction before another upward price surge.

Bitcoin (BTC) price chart on TradingView
BTC price is moving upwards on the 2-hour chart. Source: BTC/USDT on TradingView.com

Retail Traders Yet to Join The Market

Meanwhile, although institutional investors and high-net-worth individuals seem to dominate the current market, retail traders appear to be lagging.

Another CryptoQuant analyst known as Woominkyu has shed light on this trend, noting that the Korea Premium Index—a key metric for retail involvement—remains below -0.5. This figure highlights limited activity from retail participants in the ongoing rally.

Bitcoin Korea Premium Index.
Bitcoin Korea Premium Index. | Source: CryptoQuant

According to Woominkyu, the Korea Premium Index has historically shown spikes to extreme levels preceding Bitcoin’s price peaks. He emphasized that monitoring this index could provide vital insights into identifying potential market tops.

It is worth noting that the absence of retail traders in the recent crypto rally is quite noteworthy, as their eventual participation could lead to heightened buying pressure and potentially drive Bitcoin’s price higher.

At the time of writing, the crypto market is facing a bloodbath, with the global crypto market cap valuation sipping by nearly 6% in the past day to a current valuation of $3.34 trillion.

Related Reading

Bitcoin crash

Bitcoin Price Crash Not Over? Why A Decline To $89,000 Is Possible

10 months ago

According to data from CoinGlass, in the past 24 hours, 206,491 traders have been liquidated, with the total liquidation of the crypto market is roughly $624.99 million.

Total crypto liquidation.
Total crypto liquidation. | Source: Coinglass

Featured image created with DALL-E, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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