The post Bitcoin Faces Potential 30% Pullback Amid Strong Bullish Sentiment and Rising Network Activity appeared on BitcoinEthereumNews.com.

Bitcoin is currently experiencing price pressure, with analysts suggesting a possible pullback amid otherwise bullish market sentiment. Recent analysis indicates that Bitcoin may see a significant correction of up to 30% before resuming its upward trend. This caution arises despite Bitcoin’s notable 39.51% increase over the past month, lifting its market cap to $1.85 trillion. Bitcoin faces potential corrections amidst a bullish trend, indicating a significant shift could be approaching in the crypto markets. Potential BTC Correction? Crypto analyst King Young Ji has voiced concerns that BTC could face a notable corrective move before it can continue its upward trajectory. “Even in a parabolic bull run, Bitcoin can see -30% pullbacks,” he emphasized, referencing historical patterns to substantiate his viewpoint. He highlighted Bitcoin’s performance during the 2021 bull run, where prices increased from $17,000 to $64,000, noting that the asset underwent five significant corrections during this period. The smallest correction recorded was 10%, while the largest reached 28%, demonstrating the inherent volatility present even during bullish market cycles. Source: X According to his analysis, a similar corrective pattern may emerge during BTC’s current rally. Although such pullbacks can be disconcerting, they often signify a healthy market cycle and typically precede further prices increases. Caution is advised as the market navigates this critical phase. Transaction Volume and Active Address Surge Bitcoin’s network activity is displaying signs of significant growth, highlighted by sharp increases in both transaction volume and active addresses, which are crucial indicators of potential bullish momentum. Currently, the number of active addresses has surged to 1,276,535, reaching levels not seen since May. This increase is accompanied by a 56.27% spike in transaction volume, reinforcing the likelihood of bullish energy building within the market. Active addresses reflect the unique wallets engaged in BTC transactions (either sending or receiving) over the…

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Filed under: News - @ November 27, 2024 2:29 am