CryptoQuant is waiting for a Bitcoin correction

Analysts at CryptoQuant warned that given current market conditions, Bitcoin investors may begin to take profits, which has historically led to a correction.

“Right now, 97.3% of UTXOs are in profit. This means we need to be more careful as we could see possible selling pressure in the next period if Bitcoin investors want to take profits,” the analysts said in a statement.

CryptoQuant noted that UTXO can remain profitable for a long period. The company also suggested that “the distribution process occurs with multiple participants entering the market.”

“If investors' faith in Bitcoin price growth remains unshaken, a possible Bitcoin price correction may be delayed until investors believe the gains are good enough to realize,” the experts said.


Source: Cryptocurrency

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