The leading cryptocurrency Bitcoin (BTC) has been integrated within a certain range since ATH exceeded $123,000 on July 14th.
However, BTC returned to the $122,000 level in the attack yesterday, but analysts said Bitcoin’s upward trend continues and there is little chance of a sharp pullback.
So after Bitcoin temporarily surpassed $122,000, crypto analyst Axel Adler shared his expectations.
Noting that BTC is the highest ever, analysts said it is unlikely that investors will sell.
CryptoQuant analysts said a sharp reversal is unlikely as Bitcoin is trading near the previous ATH, as its true profit ratio is hovering at an average level.
Based on this metric, analysts pointed out that the probability of a sudden pullback in Bitcoin is now much lower than previous overheating cycles.
In another post, the analyst said there are many bears who have bears who have bears who have begun shorting bitcoin.
Analysts said this situation can be seen with daily candles, adding that BTC can experience alternative fixes to the 112-110,000 levels.
*This is not investment advice.
