Bitcoin’s Potential 2% Dip: A Path to $120,000?

Bitcoin’s recent surge past key resistance levels has many eyeing the $120,000 mark. However, a closer look at on-chain metrics reveals a nuanced picture. Data indicates significant selling pressure from both large-scale holders and those with younger coins. With approximately $3.5 billion in Bitcoin moved from major wallets, and a notable increase in the spent output across several age cohorts, a short-term correction is a distinct possibility. This could manifest as a 2% pullback, potentially bringing the price down to around $114,900, before a renewed upward trajectory towards the coveted $120,000+ price point. This temporary dip, if it materializes, could be seen as a healthy consolidation phase, setting the stage for the next leg of Bitcoin’s upward journey.