Leading cryptocurrency Bitcoin entered a downward trend after reaching a new ATH of over $126,000 at the beginning of October.
While there was a major crash in BTC and altcoins on October 11, this downward trend continues in November.
Analysts are divided on their BTC predictions.
Bitcoin’s ongoing correction has led to divided market predictions, with analysts predicting a drop to $56,000 while others see it as a healthy consolidation.
At this point, Bloomberg analyst Mike McGlone, senior analyst at Bloomberg Intelligence, claimed that Bitcoin’s recovery to the $100,000 level could be a sign of a significant correction towards $56,000.
McGlone said historical chart patterns show that Bitcoin typically returns to its 48-month moving average after a rally.
According to the analyst, if this trend repeats, BTC could drop to $56,000.
While McGlone argued that Bitcoin could experience a deep correction, Glassnode argued that on-chain data points to a healthy correction rather than panic.
Glassnode said it would be useful to look at the Relative Unrealized Loss metric, which currently measures total unrealized losses in US dollars relative to market capitalization.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/glassnode-and-bloomberg-split-on-bitcoin-btc-price-one-says-everything-is-normal-the-other-56000/
