After exceeding its all-time high (ATH) of $123,000 on July 14th, Bitcoin has been consolidating within a specific range. While it briefly dipped back to around $122,000 yesterday, CryptoQuant analyst Axel Adler believes the upward trend is likely to continue and a sharp pullback is improbable. ?
According to Adler, near-record highs in Bitcoin (BTC) point towards increased investor confidence, reducing the probability of substantial selling pressure. Despite being close to its previous ATH, the real profit-to-loss ratio remains relatively average, minimizing the chances of a sudden reversal.
This assessment is bolstered by recent analysis indicating that short positions on Bitcoin are rising. In his observations, this trend can be observed in daily price charts during the ATH period.
Adler suggests this could lead to a temporary correction towards $112,000 – $110,000 before further upward movement.
*This is not investment advice.* Continue reading for more insights into Bitcoin’s future.