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Bitcoin

Bitcoin Correction Doesn’t Derail Its Growth Trajectory – Why The Bull Run Is Still On

Godspower Owie
by Godspower Owie
3 hours ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin closed August on a bearish note despite recording its new all-time high within the month. Following this notable downside performance since hitting new highs, speculations about a bear market phase are becoming rampant in the community. While sentiment is leaning toward a bear market phase, on-chain metrics suggest that BTC’s bull run is still on.

Correction Hits Bitcoin, Yet Metrics Defy Cycle Top Narrative

Bitcoin has fallen sharply to the $107,000 price mark, but Carmelo Aleman, a market expert, has shared an insightful analysis in a quick-take post on the CryptoQuant platform, suggesting that the ongoing bull market cycle may be far from over. Indicators monitoring investor behavior, network activity, and long-term holder strength keep showing underlying resiliency, even as BTC’s price drops.

Related Reading: The Bitcoin Futures Sentiment Index Just Flipped Back Into Positive Territory, Is A Rebound Brewing?

The expert noted that the recent drops in the price of Bitcoin have raised questions about whether we are in the midst of a healthy correction or a cycle top. However, BTC reserves on exchanges continue to decline, indicating modest selling pressure. Additionally, on-chain data continues to show hints of accumulation by long-term investors despite the pullback.

Aleman continued by highlighting that before hitting new highs, Bitcoin bull cycles have historically been characterized by periods of severe correction. Meanwhile, institutional adoption, spot ETFs, and increased interest in tokenization and DeFi provide strong foundations that could sustain future growth.

He has also pointed out several key metrics that are currently signaling underlying strength for Bitcoin. These include the Network Value to Transactions (NVT), the Market Value to Realized Value (MVRV), Miner Reserves, and the Adjusted Spent Output Profit Ratio (aSOPR).

Bitcoin
Source: Chart from CryptoQuant on X

In the case of the NVT, when the metric remains low, it may indicate that the price of BTC is low in comparison to real network activity. Aleman revealed that the metric has remained below the level 50 since July 7, which is a historic sign of strong network activity and growth.

BTC Not In An Overheated Phase

Bitcoin may have weakened in price, but it is likely that it has not reached a top for this cycle, according to the MVRV indicator. Data shows that the key levels around 3.6, which have traditionally corresponded with cycle tops and all-time highs, have not been achieved by this indicator despite prior price increases. This absence of market frenzy indicates that BTC has not yet reached an overheated stage.

Related Reading: Is Bitcoin’s Four-Year Cycle Still Alive? Analyst Hints At An Eventful 100 Days Ahead

Presently, the aSOPR shows that BTC is not yet in an overvaluation phase, as the metric holds slightly above the level 1. Typically, when the ratio remains above 1 for extended periods of time, it indicates that the majority of moving coins are profitable. Also, prolonged high levels frequently correspond with market exuberance and cycle tops.

As for Miner Reserves, the expert noted that these investors have only dropped by 6,000 BTC this year, staying steady at 1.805 million BTC. Miners have historically sold aggressively to lock in profits during market peaks, but this pattern has not materialized, supporting the notion that this cycle still has potential to grow. Considering these bullish signals, Aleman stated that if demand continues, growth is still possible for Bitcoin even though it has seen sharp corrections.

Bitcoin
BTC trading at $110,263 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from Getty Images, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Godspower Owie

Godspower Owie

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

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