Leading cryptocurrency Bitcoin (BTC) has been consolidating within a certain range since its ATH exceeding $123,000 on July 14.
However, while BTC returned to the $122,000 level yesterday with an attack, the analyst said that the upward trend in Bitcoin continues and the probability of a sharp pullback is low.
Accordingly, CryptoQuant analyst Axel Adler shared his expectations after Bitcoin briefly surpassed $122,000. Noting that BTC is near all-time highs, the analyst said that investors are unlikely to sell.
The CryptoQuant analyst said that even though Bitcoin is trading close to its previous ATH, its real profit-to-loss ratio is hovering around an average level, so a sharp reversal is unlikely. Based on this indicator, the analyst noted that the probability of a sharp pullback in Bitcoin is currently much lower compared to previous overheated cycles.
In another post, the analyst stated that there are many bears who have started short selling Bitcoin. Stating that this situation can be seen in the daily candles at the ATH level, the analyst added that BTC could experience another correction towards the 112-110 thousand levels.
This is not investment advice.
