Bitcoin is moderately correcting after a bullish July. The capitalization of the stablecoin USDT began to grow for the first time in three months. Bank of America points to bullish signals for BTC. Bitcoin is targeting $27,000, according to Arcane Research. Glassnode has doubts about the continuation of the BTC rally. Bitcoin will enter a new growth phase only in 2024, according to Morgan Creek. Bitcoin fell 0.5% on Tuesday, ending the day near $23,000 amid a correction in stock indices. If BTC holds the $20,700 level, it could soon be in the $27,000-$28,000 range, according to Arcane Research. An increase in the outflow of cryptocurrencies from exchanges and an increase in net inflows into stablecoins signal a bullish momentum in the market, according to Bank of America. The capitalization of the stablecoin USDT began to grow for the first time in three months, which may indicate the consolidation and further growth of cryptocurrencies. Since the beginning of May, the indicator has decreased by 21%. The AASI on-chain indicator points to a likely correction in Bitcoin as the price of BTC has recently risen faster than the number of active addresses. On the other hand, the long-term MVRV Z-Score indicator has crossed the upper border of the deep oversold zone, which signals the probable passage of the “bottom” of the market cycle. Meanwhile, Glassnode questioned the continuation of the Bitcoin recovery rally, citing the fact that on-chain indicator data has not fundamentally improved in recent days. Thus, the number of active bitcoin addresses remains within the downtrend channel. Network activity remains subdued, suggesting a small influx of new demand. According to Morgan Creek CEO Marco Yusko, bitcoin will enter a new phase of growth only in 2024, when the halving takes place. However, the current price of the cryptocurrency is too low, the fair BTC rate should be around $30,000. Source: FXPro

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