Bitcoin has seen a 9% retracement from its all-time high of $99,800, but its long-term bullish structure remains intact. This correction, though notable, hasn’t dampened investor optimism, as many are prepared to buy the dip and drive BTC past the elusive $100,000 mark.

According to key metrics shared by Axel Adler, a prominent CryptoQuant analyst, Bitcoin’s recent pullback is part of a healthy correction within a larger bullish cycle. Adler’s analysis highlights that on-chain activity and demand from long-term holders continue to support the case for further price appreciation.

If BTC recovers quickly and breaks above $100,000, it could trigger a wave of aggressive buying, fueling a new leg up in the ongoing rally. Alternatively, the price may consolidate around current levels, allowing the market to establish a stronger base before resuming its upward trajectory.

As investors and traders monitor key support and resistance levels, Bitcoin’s ability to maintain its bullish sentiment will be critical in defining its next price action phase. All eyes remain on the market as it navigates this crucial juncture.

Bitcoin Metrics Support Bullish Continuation

Bitcoin has surged nearly 50% since November 5, and despite recent price action showing signs of slowing down, the outlook remains bullish for the leading cryptocurrency. After reaching new all-time highs, Bitcoin’s recent price consolidation is seen as a natural part of the market cycle, with many investors cautiously watching for further momentum to push BTC beyond the $100,000 mark.

Top analyst and macro investor Axel Adler recently shared on-chain data on X, revealing key insights supporting BTC’s bullish trend. One important metric he highlighted is the BTC Value Days Destroyed (VDD), which tracks the activity of long-term holders. 

Go to Source to See Full Article
Author: Sebastian Villafuerte