Bitcoin (BTC) likely breakout above $73,000 despite correction

Over the last three days, the price of Bitcoin (BTC) has suffered a notable decline, bringing BTC below $58,000. While many consider this to be the start of the bear market, it is simply a cooling off phase.

The medium- and long-term outlook for the digital asset is still bullish, and Bitcoin is likely to confirm this in the coming weeks.

Bitcoin investors are still focused on HODLing

Bitcoin price has taken a hit in the last 48 hours after showing consolidation over the last two weeks. The cryptocurrency market’s decline wiped out nearly $600 million in two days, spooking investors.

However, looking at BTC’s on-chain metrics, it appears that this drop was expected and is nothing more than a brief pause in the long-term rally. The Coin Days Destroyed (CDD) on a 90-day period shows that long-term (LTH) holders are widely anticipating further upside in the price of Bitcoin.

Low levels of recorded CDDs mean investors are more likely to accumulate or be less eager to spend their holdings due to Bitcoin’s lower price. This reinforces optimism towards the recovery, confirming that the recent correction is simply a market cooling and not the start of a bear market.

Read more: Bitcoin halving history: everything you need to know

90 Days of Bitcoin Coins Destroyed. Source: Glassnode

Further confirmation of this is the market value to realized value (MVRV) ratio. The MVRV ratio measures investors’ profits or losses. With Bitcoin’s 90-day MVRV at -9.5%, indicating losses, investors will likely hold off on selling or move to accumulate BTC.

Historically, recovery occurs in the MVRV range of -8% to -21%, which often precedes rallies. Therefore, this zone has been nicknamed the accumulation opportunity zone.

If BTC holders act accordingly, Bitcoin price could soon see a recovery.

Bitcoin 90-day MVRV ratio. Source: Santimento

BTC Price Prediction: Bullish Flag Persists

Bitcoin’s trading price at $57,444 is wavering after the drop that took BTC below $60,000. However, the digital asset is still above the lower trend line of the flag that BTC has been moving to over the past two months.

The flag pattern is characterized by a strong price movement followed by a period of consolidation in the form of a rectangular flag. The breakout of the flag pattern indicates the continuation of the uptrend.

The price target for Bitcoin based on the model is still $92,505, which would mark a 45% rally above the breakout point. However, the more practical target is a rally above $73,700 to push BTC to a new all-time high.

Read more: What happened to the last Bitcoin halving? Forecast for 2024

Bitcoin price analysis. Source: TradingView

This would require Bitcoin price to turn the $71,800 resistance into a support level by first breaking above the $68,500 barrier.

However, if BTC holders move to offset their losses and sell their holdings, the cryptocurrency could fall through the lower trend line. This would result in the price of Bitcoin falling below $52,000, effectively invalidating the bullish outlook.

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