While the macro backdrop remains grim and further sell-off is possible, we think Bitcoin is deeply undervalued for a long-term investor.”However, the likelihood of an immediate recovery remains low, as Bitcoin researcher Axel Adler Jr.expects BTC to move sideways in the “volatility corridor.” Bitcoin support and resistance level.Source: X.comThe volatility corridor identified a price range of $75,000 to $96,000, outlined with the help of short-term holders’ realized prices over different time periods.Adler Jr.said that it was possible that BTC would consolidate between these levels over the next few weeks but warned that the price must hold a position above the 365-day simple moving average.
Related: Bitcoin futures divergences point to transitioning market — Are BTC bulls accumulating? $70K Bitcoin is the worst-case scenario, says analystIn an X post, Sina, the co-founder of 21st Capital, presented an update on his Bitcoin Quantile Model and said that “Bitcoin is getting significantly de-risked here.” Bitcoin Quantile Model.Source: X.comThe analyst explained that Bitcoin might have already completed 75-80% of its correction, declining from $109,000 to $74,500.
Although this may induce short-term volatility, as few market players might control the price, it also positions BTC for stability in the long term, offering an advantage in the current uncertain trend.
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Author / Journalist: Cointelegraph by Biraajmaan Tamuly
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