Bitcoin Analyst Warns of Profit-Taking at $110K Level

The Bitcoin price recently reached a new all-time high of over $110,000 before experiencing a slight pullback. Analyst Willy Woo highlighted the risk of profit-taking driven by market exuberance, drawing parallels to similar conditions observed in January 2023. His analysis suggests caution based on the Bitcoin MVRV ratio, which indicates price valuations exceeding realized values. 1% is expected to be returned to the market by the end of the year