On-Chain Analysis: Analysts Predict BTC Won’t Revisit $46.8K Amid Correction Concerns

Bitcoin price registered a minor correction yesterday falling from above $59K to $57K levels which also led to liquidations of millions worth of long positions. The price momentum of BTC in the march has been considerably lower than in previous months and there was no significant volume spike either, prompting many to call Bitcoin top once again.

No large volume spike in March as #bitcoin consolidated near the highs pic.twitter.com/xkwuE3ZFea

— skew (@skewdotcom) March 31, 2021

Willy Woo, a prominent crypto analyst however believes the recent liquidation in the market is nothing out of the blue as the Bitcoin market has not seen any prominent liquidation over the past week. Woo also pointed towards the realized price of Bitcoin with strong support at $47K. The realized price of a currency is the price at which the coin was last moved on the blockchain.

Woo pointed that nearly 15% of the total circulating supply of BTC moved at 47K while only 7% moved at $55K. Also, the month of March is considered historically bearish.

A time-lapse map of the price when coins last moved.

Clusters of strong price discovery:
$55k (7% of supply last moved above this)
$47k (15%)

$46.4k is the price I'm modelling that we won't visit again during in this bull market (daily close). pic.twitter.com/h6Hwe4I5qJ

— Willy Woo (@woonomic) March 31, 2021

Bitcoin Demand Still Soaring as Speculation Around Price Top Intensifies

Bitcoin reached a new all-time high of $61,634 a couple of weeks back and since then it is in a consolidation phase above $55K. As Bitcoin Bull run enters its 6th month, the speculation about it reaching the top has begun. However, that hasn’t come in the way of its exponential growing demand and adoption.

Goldman Sachs that once said that Bitcoin is not an asset class, is all set to offer Bitcoin investment vehicles for its clients from the second quarter. Morgan Stanley, another banking giant of the US which started offering Bitcoin Fund to its clients this month is also planning to offer physical Bitcoin ownership for its clients in the coming weeks. The demand for a Bitcoin ETF is also soaring, thus the top cryptocurrency far from its top.