This Indicator Gives Correction Signal in Bitcoin!

BTC and altcoins experienced a significant rise as optimism rose regarding the SEC’s approval of spot Bitcoin ETFs.

At this point, as BTC rose above $ 35,000 for the first time since May 2022, a new analysis came from the CryptoQuant analyst.

Stating that short-term Bitcoin investors made profits on the rise to $ 35,000, the analyst said that after such situations, a horizontal or correction process usually follows in BTC.

Additionally, the analyst said that if approval for the spot Bitcoin ETF is not clear, short-term movements from late October to early November are likely to be sideways or corrective.

“Bitcoin holders with less than six months term profited as BTC reached $35,000.

Such situations usually occur after a strong rise in a bull market and are always followed by a sideways or correction period.

Unless approval for a Bitcoin spot ETF is clarified, short-term movements from late October to early November are likely to be sideways or corrective. “

Bitcoin continues to trade at $34,166 at the time of writing.

Short-term holders realized profits.

“Such movements often occur after a strong rise in a bull market, each time followed by a sideways or correction period.”
by @DanCoinInvestor

Link👇https://t.co/9gSJnrRfB5

— CryptoQuant.com (@cryptoquant_com) October 27, 2023

*This is not investment advice.