Bitcoin Bucking NASDAQ Slump, Bulls Charge Ahead

Bitcoin's resilience in the face of a sliding NASDAQ signals strong bullish momentum, as the cryptocurrency decouples from the U.S. stock market's downturn. After a tumultuous start to the week, Bitcoin has shown signs of stabilization and recovery, outperforming the NASDAQ over the past two trading days. This development has analysts optimistic about Bitcoin's potential for further growth.

On-chain data from Glassnode reveals that new Bitcoin investors, who have held the cryptocurrency for less than three months, currently control 50.2% of its wealth. This figure is significantly below the levels seen during previous market peaks, indicating that the market still has room to grow before reaching speculative extremes. Additionally, market watcher IT Tech highlighted Bitcoin's realized cap and UTXO age bands, which track coin movement across different holding periods. While younger UTXOs have been increasing recently, their levels remain below those of previous cycle tops, suggesting that Bitcoin has further upside potential before reaching the distribution phase.

Analysts remain bullish on Bitcoin's prospects. Michaël van de Poppe, a seasoned market veteran, described Bitcoin's recent gains as impressive and suggested that its trajectory will likely depend on the outcome of the Federal Reserve's upcoming meeting. Rekt Capital, another analyst, believes that Bitcoin has completed its initial price discovery correction and may soon begin its second price discovery uptrend, potentially leading to new all-time highs within the next two weeks.