Bitcoin Bull Run Still Has Ways to Go, Despite Recent Correction

A cryptocurrency analyst named Kripto Poyraz recently shared his insights on Bitcoin’s current bull market.

According to his analysis, a notable increase in the number of active Bitcoin addresses has been observed, a typical sign of a bullish phase in the market. However, Poyraz suggests that the market has not yet reached its peak.

Despite the ongoing bullish sentiment, Poyraz points out that whale wallets holding 1 BTC or more have been selling off their holdings for profits. This behavior could indicate the potential for more significant market correction. At the time of his analysis, Bitcoin was trading at approximately $98,000, and soon after, the price dipped to around $93,000, lending some credence to his warning.

Furthermore, Poyraz examined the MVRV (Market Value to Realized Value) indicator for Bitcoin, which has historically shown substantial increases during bull markets. The current data suggests that Bitcoin’s bullish trend still has significant room to run, prompting him to revise his previous price target from $138,000 upwards.

The analyst also highlighted that leverage levels are currently very high, which could extend the correction. In bull markets, large crypto holders tend to move their assets from exchanges to cold wallets, and recently, there has been a reduction in these transfers, which Poyraz interprets as another sign of a continued correction.

Overall, Poyraz remains optimistic about Bitcoin’s bull run, predicting that while occasional corrections may occur, they could be followed by rallies in altcoins, which are likely to gain momentum in tandem with Bitcoin’s fluctuations.