Bitcoin’s price correction has reignited debate across the crypto community, but analysts suggest the move is far from alarming – especially after on-chain data revealed that the U.S. government transferred a large sum of Bitcoin to a new wallet.
According to blockchain monitoring platforms, approximately 667.6 BTC worth $74.7 million was moved from a U.S. government-linked address to a fresh wallet earlier today. The coins are believed to originate from previously seized holdings, including funds tied to criminal cases such as the Silk Road.
While such transfers often spark speculation about potential sell-offs, market experts emphasize that they rarely have a lasting impact on Bitcoin’s broader trend.
Analysts Call the Dip a Routine Correction
Prominent trader Michaël van de Poppe commented that the current pullback is “nothing special,” describing it as standard volatility before a new trend forms.
His latest chart shows Bitcoin fluctuating between $111,000 and $119,000, with a potential buying zone near $107,000. He expects the market to remain choppy in the short term but sees no structural weakness in the overall setup.
Long-Term Outlook Remains Bullish
EGRAG CRYPTO offered a similar perspective, noting that Bitcoin’s bull market remains intact as long as the price stays above $98,000.
His analysis highlights recurring mid-cycle retracements in past rallies that didn’t break the long-term upward trend. “Until we close below $98K, we are still in a bull market,” he stated, reinforcing that the ongoing correction aligns with historical price patterns.
At the time of writing, Bitcoin trades around $111,000, having slightly recovered from earlier lows. Despite heightened volatility and concerns over government wallet movements, most analysts view the current environment as a consolidation phase within an ongoing bullish structure.
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