$90K Bitcoin price is a ‘close your eyes and bid’ opportunity: Analyst

Bitcoin recently experienced a 26.7% correction, marking the largest drawdown of the current bull market. This sharp decline has led to ‘Extreme Fear’ among investors, which is historically seen as a counter-indicator that the asset might be trading at a discount. Market indicators suggest that this correction may be nearing its end, with notable signs of capitulation among short-term holders. Data shows that the SOPR (spent output profit ratio) has dropped to 0.97, indicating that short-term holders are selling at a loss. Additionally, the short-term holder market value to realized value (MVRV) has also plunged below 1.0, suggesting that recent buyers are largely underwater. Despite the significant fear in the market, historical trends indicate that such extreme levels often precede recoveries, with substantial price increases following similar situations in past cycles. Thus, analysts view this period as an attractive buying opportunity for long-term investors.

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