CryptoQuant: Bitcoin Price Could Suffer a Correction

According to CryptoQuant analysts, the Bitcoin price has partially recovered from its brief dip below $41,000 on January 3.

However, there is still the possibility of a further correction due to a possible wave of unrealized profit-taking.

The company’s latest report notes BTC growth has resumed amid the wait for approval of spot Bitcoin ETFs in the US by the Securities and Exchange Commission (SEC).

Add to this information from the Fed minutes, according to which the regulator is exploring the possibility of gradually cutting interest rates in 2024.

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Although the price of Bitcoin is rising, unrealized gains for short-term investors remain high.