Bitcoin correction is a “healthy pause”Bitcoin researcher Axel Adler Jr.explained that based on onchain metrics, the current price cycle reflects a healthy consolidation rather than the beginning of a bear market.Adler Jr.noted that BTC has not yet entered “overheated” territory in this cycle, as indicated by BTC’s Investor Price Model. This metric flashed a sell signal twice during 2021, and the model incorporates the realized cap, thermo cap, investor price, and Bitcoin supply. Using Bitcoin’s cumulative value days destroyed (CVDD), Adler argued that the market remains in a “growth stage.”Bitcoin cumulative value days.
In a Substack article, Adler said,“Considering the current market dynamics, we might see seasoned investors taking profits once Bitcoin breaches key peak levels ($123K), potentially exerting downward pressure on the price.”From the above analysis, Adler Jr.predicted that Bitcoin could climb to $130,000 within 90 days.
This suggests that neither bullish (long) nor bearish (short) traders were dominantly in control. Bitcoin price and aggregated open interest.Source: Velo.chartBitcoin experienced a surge in upward momentum late on Sunday, March 23rd.
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Author / Journalist: Cointelegraph by Biraajmaan Tamuly
The story "Will Bitcoin price hit $130K in 90 days? Yes, says one analyst" has 546 words across 30 sentences, which will take approximately 3 - 5 minutes for the average person to read.
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