Bitcoin price has experienced a technical correction after reaching a record high, dropping by 13% from its year-to-date high. However, there are several reasons why Bitcoin prices are likely to bounce back and retest the all-time high. Firstly, pullbacks are common after Bitcoin reaches crucial resistance levels. Secondly, BTC still has strong fundamentals, with a decrease in mining output and Bitcoin holdings on exchanges, as well as increasing interest from institutional investors. Thirdly, the market value to realized value score suggests that Bitcoin has more upside potential once panic selling subsides. Finally, there are positive technical patterns and a target price of $122,000 based on a cup pattern formation.



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