Has The Bitcoin Price Hit Its Bottom? Key On-Chain Data Signals Potential Rebound Ahead

Following a significant downturn that saw Bitcoin (BTC) plunge to the $80,000 mark on November 21, the leading cryptocurrency has managed to stabilize above this critical threshold for several days. This development has sparked speculation about whether this level represents a short-term bottom and if a new upward trend might follow. Potential Local Bottom For Bitcoin According to analysis from CryptoQuant analyst Carmelo Aleman, on-chain data indicates a market landscape characterized by institutional redistribution, structural weakness, and signs of a rebound that may hint at a local bottom. Related Reading: Bitcoin Faces Less Than 50% Chance Of Hitting $100,000 By December 31, Says AI Model One of the observations made is that large whale investors have been actively distributing their holdings source: https://www.newsbtc.com/bitcoin-news/has-the-bitcoin-price-hit-its-bottom-key-on-chain-data-signals-potential-rebound-ahead/