Bitcoin On-Chain Data Indicates Extreme Profit Taking Underway

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Bitcoin has pulled back $10,000 from highs set earlier in the year, and according to on-chain data, it is due to extreme profit taking from early investors and miners. Here’s what past bull markets suggest about the current sell off and if this is an opportunity to “buy the dip,” or if the top is in. Bitcoin Bull Market Correction Is Here, According To On-Chain Data After rising from $3,800 to over $40,000 in less than one year, a correction in Bitcoin at this point is long overdue, and potentially healthy depending on how deep it retraces. During past bull markets, the leading cryptocurrency by market cap pulled back as much as 37% on average across a handful of corrections. Thus far, either there have been zero comparable corrections since the bull market started, or corrections this time around are very different due to the presence of institutional investors. aSOPR…

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