In the crypto world, Bitcoin has always been in the spotlight. It has been a rollercoaster ride for investors, and price action is hard to predict due to constant volatility. The latest development is that according to CryptoQuant data, Bitcoin is heading towards $34,000-36,000 and may pull back again.
CryptoQuant data shows that since March 23, 2023, on-chain returns have declined while Bitcoin prices are still rising. This situation is similar to that observed from January 20 to March 9, 2023, resulting in a short-term pullback.
However, Bitcoin may reach $34,000-36,000 before another pullback occurs. This is because it has recently managed to deal with a short-term imbalance in the sub-$29,000 range, suggesting it may be in the near-term.
The news has caught the attention of many investors and analysts who are eagerly waiting to see how Bitcoin will perform in the coming weeks. Bitcoin has had a turbulent few years, hitting an all-time high (ATH) around $69,000 in November 2021 before plummeting to $16,000 and back around $30,000 today. .
According to some experts, this volatility is caused by a number of factors, including regulatory uncertainty, global economic conditions and increased competition from other cryptocurrencies. However, many believe that Bitcoin will continue to play an important role in the world of finance and investing.
All in all, recent CryptoQuant data suggests Bitcoin could reach $34,000-36,000, but another pullback is possible. Investors should exercise caution and monitor market conditions closely in order to make informed decisions regarding their investments. As always, the crypto world remains unpredictable and anything can happen at any time.
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Mr. teacher
according to Kyptos
