en.bitcoinsistemi.com
Kripto Poyraz, one of the well-known names among Turkish cryptocurrency phenomena, evaluated the bull market in Bitcoin in his latest analysis.
According to the analyst, there is a recent serious movement in the number of active addresses, which increases in bull seasons, and the market is going through a bull period. However, the analyst noted that the peak of the bull has not yet been seen.
However, the analyst points out that whale wallets with 1 or more $BTC have recently been selling profits. He also stated that this could be a sign of a correction. Interestingly, the Bitcoin price, which was trading around $98,000 when the analyst shared this analysis, has indeed experienced a correction, falling to $95,000 at the time of writing.
In addition, the analyst, who examined the MVRV indicator belonging to $BTC, claimed that MVRV real increases occur in bull periods, and according to the data, there is still a long way to go for the bull to end. As a result of this indicator, the analyst added that he raised his $BTC price target, which was previously $ 138,000.
Crypto Poyraz added that leverage rates are very high in current conditions and that the ground is being prepared for a correction. In addition, the analyst noted that in bull markets, crypto whales transfer assets from exchanges to their cold wallets, and that these flows have decreased recently, and considered this as a correction signal. This analysis was before the $BTC price fell to $ 95,000.
As a result, the analyst thinks that the bull season in Bitcoin will continue, corrections may be observed from time to time, and altcoins will rally simultaneously with the corrections in $BTC.
He also added that he will soon conduct a new study on altcoins.
*This is not investment advice.