BTC likely to fall further despite long-term holders buying back, with naysayers saying it still has room to go higher
Despite long-term holders increasing their holdings at a rapid pace, several on-chain indicators are pointing to further declines, a market-savvy analyst reported. According to the report, the BTC P&L is hovering near the 365-day moving average (MA) and a break below the MA could lead to a major correction in BTC, while the BTC bull-bear market cycle indicator is also approaching the neutral line. If the price falls further and the indicator falls below the neutral line, BTC could turn bearish, the analysts added. "Long-term Bitcoin holders are increasing their holdings at the fastest monthly pace (6.3% per month) since April 2023," the analyst said.
On the other hand, anonymous crypto analyst Altcoin Sherpa told X that Bitcoin needs to break above $58,000 to resume its bullish trend. "$58,000 is the 200-day exponential moving average (EMA), which is a key area to reverse the rough patch," he explained.
