Bitcoin’s recent surge in price may be losing momentum, leading to speculation about potential price corrections in the near future. However, experts suggest that any downturn in the market could be short-lived, with the digital asset likely to recover swiftly.
According to Santiment, a market intelligence and on-chain data platform, Bitcoin’s resilience and strong interest from institutional investors could prevent prolonged price declines. Despite a mild retrace below the $95,000 level at the beginning of the week, large investors such as whales and sharks are still accumulating BTC in significant quantities. In November alone, whale and shark wallet addresses holding at least 10 BTC acquired 63,622 more BTC, valued at $6.06 billion, indicating confidence in Bitcoin’s long-term growth potential.
The platform predicts that as long as there is a solid positive argument and institutional investors continue to support Bitcoin, any price decline is likely to be brief. This optimism among large investors could also lead to opportunities for portfolio adjustments before the next upsurge in BTC’s price.
However, market expert Kevin warns that Bitcoin may face multiple pullbacks in the near term, based on historical trends. Drawing parallels to the 2017 bull run, Kevin predicts three potential corrections, each shorter than the previous one. During the 2017 bull market, BTC experienced three pullbacks lasting 34 days, 21 days, and 7 days, with each correction ranging between 30% to 40%.
Kevin’s analysis suggests that Bitcoin’s current price action mirrors the 2017 bull market, indicating the possibility of history repeating itself. Investors are advised to remain vigilant as these developments could also impact the altcoin market, potentially leading to a swift pullback of 50% to 60% before a rebound.
As traders and investors closely monitor Bitcoin’s price movements, the market remains uncertain about the extent of any potential corrections. While some believe that any downturn will be short-lived, others anticipate multiple pullbacks in the near future. Ultimately, the resilience of Bitcoin and the confidence of institutional investors will play a crucial role in determining the digital asset’s price trajectory in the coming weeks.