Ahmet Bedirhan Arvas 
Bitcoin Enters Bullish Territory! On-chain Analysis: Bitcoin has returned to its pre-Terra/Luna incident price, one of the causes of the largest crash in 2022. The crypto market transitioned from a bear market to a bull market in January 2023 and, as of December 2023, has entered the Strong Bull Territory seen in the first halves of past bull markets.
This development indicates that Bitcoin still has significant upward potential. The Strong Bull Territory is an area where the percentage of Bitcoin in losses is very low. This suggests an overall bullish trend in the market, with new investors gradually entering.
However, investors need to be cautious. In past bull markets, the Strong Bull Territory coincided with a period approaching the peak of the bull market. Therefore, the possibility of Bitcoin experiencing a significant correction in the near future should not be overlooked.
After the On-Chain Analaysis, here are some possible scenarios for Bitcoin’s short-term price movement:
- If Bitcoin continues to stay in the Strong Bull Territory, it may reach $50,000 or higher.
- In the event of a correction, Bitcoin could drop to $40,000 or lower.
Investors should make decisions based on their own risk tolerance and investment goals.