Bitcoin is currently undergoing a period of downward movement after briefly setting a new all-time high earlier last month. Over the past week, the world’s largest cryptocurrency has declined by nearly 4%, trading at $113,993 at the time of writing.
In his post on the QuickTake platform, he explained that a combination of macroeconomic uncertainty, technical indicators turning bearish, and liquidation events has contributed to the decline. However, he described the ongoing situation as a “technical correction” within Bitcoin’s longer-term bullish structure.
Following the all-time high of $123,400 on July 14, Bitcoin appears to be consolidating, potentially setting the stage for further upward movement later in the year.
“Bitcoin has historically performed well in the fourth quarter,” Oinonen noted, suggesting that a return to its previous peak and even a potential move toward $200,000 could be on the horizon if historical patterns hold.
A positive shift in buying activity, combined with Bitcoin’s reflexive market behavior, could support further gains, although the extent to which this would benefit altcoins remains uncertain.
Featured image created with DALL-E, Chart from TradingView
