Bitcoin has seen a 9% bounce from its all-time high of $99,800, but its long-term bullish structure remains intact. Although this correction is notable, it has not dampened investors’ optimism, as many are willing to buy the dip and push Bitcoin beyond the $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 bull 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 Bitcoin recovers quickly and surpasses $100,000, it could trigger a wave of aggressive buying, sparking a new high 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 keep an eye on key support and resistance levels, Bitcoin’s ability to maintain its bullish sentiment will be crucial in determining the next phase of price action. All eyes remain on the market as it passes this critical juncture.
Bitcoin metrics support bullish continuation
Bitcoin is up almost 50% since November 5, and although the recent price action has shown signs of slowing down, the outlook remains bullish for the leading cryptocurrency. After reaching all-time highs, Bitcoin’s recent price consolidation is seen as a natural part of the market cycle, with many investors warily watching for further momentum to push Bitcoin beyond the $100,000 mark.
Leading macro analyst and investor Axel Adler recently shared on-chain data about Xreveals the key ideas supporting BTC’s uptrend. One important metric he highlights is Bitcoin’s Value Days Destruction (VDD), which tracks the activity of long-term coin holders.
Adler explained that the appearance of red bars in this indicator indicates that the market is approaching the end of its current cycle, which indicates the top or reversal of the trend. However, so far, there are no red bars, which means that the market is still in a healthy bullish phase.
This data confirms Bitcoin’s continued bullish outlook, even as the market remains somewhat skeptical about its continuation. With VDD showing no signs of exhaustion and no sign that the cycle is coming to an end, BTC appears poised to continue its upward trajectory in the coming weeks. Investors should remain alert to key resistance levels, but the lack of red bars indicates that the current rally has room to continue.
BTC tests demand levels
Bitcoin recently fell to $90,800 after a failed attempt to break the key level of $100,000. Despite this pullback, the price is holding above this crucial support level, indicating that Bitcoin is ready to continue its upward momentum. The $93,800 mark has become an important short-term support, and if Bitcoin remains above this level in the coming days, a path to reclaiming the $100,000 resistance looks imminent.
However, if BTC loses the $90,000 support, further consolidation may occur below this level, pushing the price lower and limiting the potential for a short-term upside. This may indicate that the market is still testing its strength and could delay the breakout beyond $100,000.
Right now, the market remains uncertain, but if BTC can stay above $90,000 and push through $93,800, the uptrend is likely to continue. Investors will be watching these levels closely to gauge if BTC can regain its momentum and reach all-time highs soon.
Featured image by Dall-E, chart from TradingView
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