Bitcoin $BTC has been experiencing a period of significant volatility. After reaching an all-time high earlier this year, the cryptocurrency has seen some corrections, sparking debate among analysts about its short-term trajectory.
Currently, Bitcoin is trading around a key support level. If it holds above this level, some analysts predict a potential retest of previous highs, citing strong institutional interest and increasing adoption in various sectors. The upcoming halving event, expected to reduce the supply of new Bitcoin, is also a factor many believe could drive prices upward in the long term.
However, others are more cautious, pointing to macroeconomic factors such as rising interest rates and potential regulatory headwinds as possible deterrents. They suggest that a break below the current support could lead to further price declines.
On-chain metrics provide a mixed picture. While long-term holder accumulation remains robust, some short-term profit-taking has been observed. The overall market sentiment, while still bullish among many, has become more guarded.
