Bitcoin [BTC] remain bearish as both its daily and weekly charts remained red. Nonetheless, the latest analysis suggested a trend reversal
continued to remain bearish as both its daily and weekly charts remained red. Nonetheless, the latest analysis suggested a trend reversal soon. Therefore, AMBCrypto investigated further to find whether a trend reversal is possible.The king coin witnessed a 3% price drop last week. The bearish trend continued in the last 24 hours, and at press time it was trading at $68.4k.
The analysis mentioned that a 43%–77% rise is required if the realized value stays the same. This corresponds to an aim of $95k to $120k when applied to Bitcoin.To check the likelihood of BTC moving towards $120k, AMBCrypto assessed Glassnode’s data. The Pi Cycle Top indicator revealed that Bitcoin’s price was fast approaching its possible market bottom of $62.7k.
This meant that long-term holders’ movement in the last 7 days was lower than the average. They have a motive to hold their coins. Its NULP was also bearish, as it indicated that investors were in a belief phase where they are currently in a state of high unrealized profits.
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