BTC Correction Seen as Mid-Cycle Reset, Not End of Bull Market

CryptoQuant contributor CryptoZeno believes that Bitcoin's ongoing correction is not an indication of a bull market end, but rather a mid-cycle reset. According to CryptoZeno, the recent price weakness is driven by weaker prices, not long-term investors selling their holdings.

The analysis examined two key indicators: Long-Term Holder MVRV and Adjusted Net Unrealized Profit/Loss (NUPL). Both suggest that experienced investors remain committed despite the market's current state.

The adjusted MVRV indicator remains far below levels typically associated with heavy profit-taking by long-term holders, indicating a healthier market environment. The average price these long-term holders paid for their Bitcoin continues to rise, even as the market price has declined.