Consistently Bearish Bitcoin Metrics Resurface, Signaling Potential 50% BTC Price Retracement
The price of Bitcoin has been reaching new highs consistently, with a 30% price increase in the past week. This has caught the attention of investors who see the coin continuing to rise, with many hoping to see the price hit $100,000 soon.
However, top analyst Ali is observing something different for the coin, with new metrics emerging.
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In a recent analysis, Ali shared insights on the current state of Bitcoin, emphasizing that while there is notable retail interest driving potential capital inflows, caution is warranted.
He pointed out that spikes in search trends for Bitcoin have historically been associated with price declines. Referring to 2021, he noted that significant surges in search interest coincided with corrections of 30%, 26%, 27%, and even 50%.
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This suggests that despite the positive signals from retail engagement, the market may be due for a retracement of up to 50% from its current levels.
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