The Bitcoin market remains in a prolonged correction phase, registering a 10.4% price drop in the last seven days. As multiple analysts attempt to chart the asset’s price trajectory amid this volatile period, recent on-chain data have revealed potential local bottom targets.
$55,900 Or $44,700 – How Low Can Bitcoin Go?
In an X post on November 23, prominent market analyst Ali Martinez shares some insight on Bitcoin’s potential downside targets, amid the heavy price correction seen in recent weeks. Since hitting a new all-time high of $126,198.07 in early October, the leading cryptocurrency has recorded multiple heavy price drops, trading as low as $81,000. Despite growing fears of a bear market, several analysts still consider the recent downswings to be a mere correction, with the expectation of a local bottom and eventual price rebound in the coming weeks. Using data from the MVRV Pricing Bands, Martinez has identified two potential targets for this anticipate
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