The head of blockchain analytics platform CryptoQuant says that Bitcoin (BTC) could dip to a “max pain” price range before the bull market is able to continue.

Ki Young Ju tells his 340,000 followers on the social media platform X that the net inflows of capital to spot Bitcoin exchange-traded funds (ETFs) have cooled off, suggesting that sellers may be taking over the market.

The analytics expert says that based on BTC’s historical price action, a maximum pain correction could pull Bitcoin down to $51,000.

“Bitcoin spot ETF netflows are slowing.

Demand may rebound if the BTC price approaches critical support levels.

New whales, mainly ETF buyers, have a $56,000 on-chain cost basis. Corrections typically entail a max drawdown of around 30% in bull markets, with a max pain of $51,000.”

Supporting the idea that a more severe Bitcoin correction may be around the corner, CryptoQuant’s data also suggests that the larger holders of BTC – in this case miners – have started selling more aggressively.

“Large Bitcoin holders started selling more aggressively, and miners have also been offloading their holdings as prices have soared.”

CryptQuant’s data also shows that shorter-term holders are taking profits as well – at a rate not seen in nearly five years.

“BTC traders started to sell, taking advantage of high-profit margins. This selling behavior hasn’t been seen at this scale since May 2019.”

At time of writing, Bitcoin is trading for $67,184, up over 4% in the past day.

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