From green to red – Bitcoin (BTC) still fails to sustainably hold within the $45,000-$50,000 area. Although the day is strongly bearish, the data however rather argues for an upcoming rise that could finally allow bitcoin to regain the $50,000, or at least the close levels just below.
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Bitcoin bearish correction: A healthy decline in an accumulation phase?
bitcoin falls up to around $41,860 on Bitfinex today, March 3, 2022. It is trading at $42,125 at the time of writing, and is currently in a daily loss of 4.36%.
Despite the decline over the past two days, trader Michaël van de Poppe remains optimistic and expects ” see another race to the peaks ‘, since the ‘correction is not as fast as usual’. This “short-term correction happened on #Bitcoin” happened after markets once again “took the liquidity”.
Data from Ecoinometrics seems to support this forecast of continued upside. They actually show a large accumulation of bitcoin by small wallets :
“Little fish stack sats like there’s no tomorrow”
CryptoQuant CEO Ki Young Ju also believes that BTC markets have entered an accumulation phase. He emphasizes the fact that “last year’s newcomers are transforming in long-term holders “. Bitcoins older than six months now account for 52% of the total bitcoin market. This figure was 13% when bitcoin hit its current all-time high.
Ki Young Ju also rules out the speculation that bitcoin could drop back to $28,000, its previous low, “as newcomers will wait for other newcomers in the next cycle.”
The FED’s umpteenth rate hike announcement hasn’t given the bears enough strength to shake $40,000 yet. The short-term outlook remains bullish. The next weekly close is approaching, the next crucial meeting not to be missed for the bulls.
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