What is the Technical Outlook After Bitcoin Price Exceeds $123,000? Analytics Company Shares What to Expect Next

Cryptocurrency analysis firm CryptoQuant has published a striking analysis of on-chain data after Bitcoin reached a new all-time high of $123,000.

According to the analysis, immediately following this historic peak, there was a significant increase in Bitcoin inflows to centralized exchanges. This movement was believed to reflect profit-taking by short-term investors and some whales.

CryptoQuant’s exchange net flow data suggests that such sudden inflows typically signal local peaks and suggest a healthy correction or consolidation may follow in the coming days. The company claimed this pattern has been repeated after past parabolic rallies.

However, the analysis highlights that despite this short-term pressure, the overall market outlook remains strong. According to the analysis firm:

• Long-term investors are holding their positions.
• Inflows into spot Bitcoin ETFs continue.
• No significant outflows from corporate wallets are observed.

According to the analyst firm, bullish momentum remains strong despite a possible correction.

*This is not investment advice.