👀Bitcoin drop to $100K likely, but futures market reset means dips won’t last long 👀
👀Key takeaways:👀
💪$BTC Bitcoin is down 4.50% for the week and could revisit the $100,000 level over the next few days, but data suggests that prolonged trading below this level could be limited.
In a recent post, CryptoQuant noted that the Net Realized Profit/Loss (NRPL) chart, which tracks profits and losses from Bitcoin transactions, shows moderate profit taking at the current levels. This activity, while notable, is significantly lower than the spikes seen during the cycle peaks in March and November 2024.
👌🏻 Each of these periods marked intense sell-offs that signaled market tops, but the recent profit-taking is relatively restrained, indicating the market is not overheated. This suggests Bitcoin’s upward trajectory is far from exhausted.👌🏻
👌🏻 Another key metric that supports a swift bounce if Bitcoin drops below $100,000 is the short-term realized price at $96,000. The metric shows the average price at which recently transacted Bitcoin were acquired, acting as a critical support level.👌🏻
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