Kripto Poyraz, one of the well-known names among Turkish cryptocurrency phenomena, evaluated the bull market in Bitcoin in his latest analysis.
According to the analyst, there is a recent serious movement in the number of active addresses, which increases in bull seasons, and the market is going through a bull period. However, the analyst noted that the peak of the bull has not yet been seen.
However, the analyst points out that whale wallets with 1 or more BTC have recently been selling profits. He also stated that this could be a sign of a correction. Interestingly, the Bitcoin price, which was trading around $98,000 when the analyst shared this analysis, has indeed experienced a correction, falling to $95,000 at the time of writing.
In addition, the analyst, who examined the MVRV indicator belonging to BTC, claimed that MVRV real increases occur in bull periods, and according to the data, there is still a long way to go for the bull to end. As a result of this indicator, the analyst added that he raised his BTC price target, which was previously $ 138,000.
Crypto Poyraz added that leverage rates are very high in current conditions and that the ground is being prepared for a correction. In addition, the analyst noted that in bull markets, crypto whales transfer assets from exchanges to their cold wallets, and that these flows have decreased recently, and considered this as a correction signal. This analysis was before the BTC price fell to $ 95,000.
As a result, the analyst thinks that the bull season in Bitcoin will continue, corrections may be observed from time to time, and altcoins will rally simultaneously with the corrections in BTC.
He also added that he will soon conduct a new study on altcoins.
*This is not investment advice.
