A correction in Bitcoin below $84,000 could trigger over $1 billion in liquidations, yet the market shows signs of reaching a bottom, experts believe.
According to analysts at IntoTheBlock, increased activity on the Bitcoin network indicates a potential trend reversal.
As of February 28, the number of active addresses rose to 912,300 — a level last seen in December 2024, when the price of digital gold was $105,000.
“Historically, spikes in on-chain excitement have often coincided with market peaks and troughs, linked to seller panic and the emergence of enterprising buyers,” noted IntoTheBlock.
Experts described this as a sign of a “critical turning point,” although there are no direct guarantees of a change in dynamics.
The MVRV Z-score indicator, at 2.01 on March 1, also suggests a potential bottom and growing oversold condition for Bitcoin.
Ki Young Ju, head of the analytics firm CryptoQuant, highlighted the indicator’s dynamics and noted that on-chain indicators seem “unfinished.”
#Bitcoin on-chain indicators feel like this—like something unfinished. pic.twitter.com/NFFu7q1BPu
— Ki Young Ju (@ki_young_ju) March 2, 2025
Earlier, Nexo platform analyst Ilya Kalchev suggested a Bitcoin correction to $72,000.