Bloomberg Intelligence senior commodity strategist Mike McGlone believes that Bitcoin 

BTC

$20,781

 is more likely to rally to $40,000 than slump to $20,000. This bullish outlook seems to be shared by traders as Bitcoin initiated a sharp recovery today.

On-chain data also suggests that long-term holders (LTH) have again started accumulating Bitcoin after booking profits during the rally from $10,000 to $64,000.

The total number of Bitcoin held by these long-term holders is 2.3 million more than what they held at the peak of the 2017 bull market. This shows the veteran traders remain bullish about the future prospects of Bitcoin.

CoinShares' Monday “Digital Asset Fund Flows Weekly” report shows institutional investors pulled out $141 million from Bitcoin investment products last week. However, Ether 

ETH

$1,525

,

XRP

$0.39

and Cardano (ADA) products witnessed net inflows, suggesting money is exiting Bitcoin and entering select altcoins.

However, the outflow from Bitcoin products is minuscule compared to the massive $4.2 billion that was pumped into them in 2021. This shows that most investors have held their positions despite the recent fall.

Let’s analyze the charts of the top-10 cryptocurrencies to determine whether the correction is over or if the prices could fall further.