Bitcoin Correction Analysis and Bullish Outlook

Are you a Bitcoin investor feeling the pressure of the recent 20% correction from its all-time high? Don’t panic just yet! Glassnode analysts are cautiously optimistic about the future of Bitcoin, despite the recent dip. In a recent preview shared on Twitter, Glassnode stated that the macro uptrend of Bitcoin remains one of the most resilient in history.

According to Glassnode, the corrections Bitcoin has experienced are relatively shallow compared to historical trends. This indicates that the coin has improved liquidity and reduced volatility, laying a strong foundation for potential growth in the future.

While Bitcoin is currently hovering around the $60,000 mark, a key level to watch is $56,500 on the downside. If prices recover and break above $66,000, we could see a rally that may even breach $72,000 and eventually hit $74,000.

Institutions and whales are also showing confidence in Bitcoin. On-chain data reveals that a whale has been accumulating coins aggressively, with over 100 BTC purchased in the last week alone. This suggests that even at its current multi-year high, Bitcoin could be undervalued.

But the good news doesn’t stop there. Former US president Donald Trump has started accepting crypto donations, signaling a bullish shift in his stance towards Bitcoin. Additionally, European regulators are considering approving Bitcoin as an investable asset in UCITS funds, potentially attracting billions of dollars from European institutions.

And let’s not forget the impact of the rising M2 money supply in the US and concerns about high inflation from the Federal Reserve. Bitcoin, like gold, is seen as a safe haven and a hedge against inflation due to its deflationary design.

With all these factors in play, the future of Bitcoin looks promising. So, if you’re holding onto your Bitcoin amidst the recent volatility, it might just pay off in the long run. Stay tuned for more updates on this exciting journey in the world of cryptocurrency!