CandleFocus Experienced Analyst Warns For Bitcoin – Will Altcoins Rally? Here Are His Opinions
2024-11-25
Author: Content Editor
According to the Turkish cryptocurrency analyst Kripto Poyraz, the Bitcoin market is currently in a bull period, although the peak of the bull market has not yet been reached. The analyst observed a significant increase in the number of active addresses, which is typically seen during bull seasons. However, the analyst noted that whale wallets with 1 or more BTC have been selling profits, possibly indicating an upcoming correction. The Bitcoin price experienced a correction from $98,000 to $95,000 at the time of writing. The analyst examined the MVRV indicator for BTC and concluded that there is still a long way to go for the bull market to end. They raised their BTC price target from $138,000 based on this indicator. The analyst also mentioned that leverage rates are high, suggesting a potential correction. Additionally, crypto whales have been transferring assets from exchanges to cold wallets, which has decreased recently, indicating a correction signal. The analyst believes that the bull season in Bitcoin will continue, with occasional corrections, and expects altcoins to rally alongside BTC corrections.
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