The recent price correction of Bitcoin 
$97,106 has sparked new discussions within the cryptocurrency market. After briefly retesting the $99,000 level, Bitcoin experienced a pause that elicited various interpretations regarding the market’s future. Investors are questioning whether this movement signals the onset of significant selling pressure or represents just a temporary halt in an ongoing upward trend.
Critical Technical Levels Capture Attention
Cryptocurrency market analyst Ali Charts emphasized the critical importance of the $96,000 price level. He stated, “If Bitcoin falls below $96,000, the next levels to watch will be $90,000 and $85,000.” This analysis is based on historical Fibonacci retracement levels.
According to market data, long-term Bitcoin holders have started to reduce their holdings over the past two months. Data provided by Glassnode indicates that the amount of Bitcoin held by long-term holders has decreased from $14.23 billion to $13.31 billion. Analysts interpret this trend as a sign that long-term investors are taking profits at local peaks.
Bull Market and Institutional Demand Remain Strong
Despite corrections, Bitcoin’s bullish momentum continues to hold strong. The realized profit ratio, calculated based on unrealized gains, stands at 1.81, indicating that the market is not experiencing aggressive selling pressure.
Bitfinex analysts suggest that Bitcoin’s price correction may be limited due to institutional demand. They forecast that Bitcoin could reach $145,000 in the medium term.
Meanwhile, the increase in institutional adoption via Bitcoin ETFs is noteworthy. ETF assets reached $37 billion in December, surpassing November’s $24.23 billion. Experts argue that Bitcoin’s potential as a national reserve asset could drive its price to $1 million in the long run.
The Bitcoin market continues to exhibit positive signals, supported by growing institutional demand and technical support levels. However, it is crucial for investors to closely monitor market movements.
