The Bitcoin (BTC) price is currently hovering around $66,000 after a recent dip, but crypto analysts are still optimistic about its future trajectory despite the recent $4 billion selloff. The downturn came after significant selloffs by Bitcoin whales and miners, but analysts believe the bull market is not over.

On-chain data shows that Bitcoin whales sold over 50,000 BTC in the ten days before the recent correction, totaling approximately $3.30 billion. Bitcoin miners also contributed to the recent price correction by selling over 1,200 BTC, worth more than $79.20 million.

Despite these selloffs, many analysts believe the bull market is not over. CryptoQuant CEO Ki Young Ju shared his views on X, formerly known as Twitter, noting that even if the Bitcoin price drops by 27% from its current level, the market can still be considered bullish. He expects a continued bull market, which would drive the Bitcoin price higher.

Crypto analyst Ali Martinez pointed out that Bitcoin's average mining cost is currently at $86,668. He explained that historically, BTC always surges above its average mining cost. The increase in mining costs followed the fourth Halving event, where the block rewards were halved from 6.25 BTC to 3.125 BTC.

Martinez believes that Bitcoin will soon surpass its average mining cost. When this happens, miners are likely to hold onto their reserves instead of selling them, which could reduce selling pressure and drive further price increases.

The recent selloff by whales and miners indicates short-term profit-taking and operational cost management. However, the overall sentiment among analysts remains positive. Once the Bitcoin price is higher than the average mining cost, an unprecedented surge is expected as miners will hold onto their reserves.

At press time, the BTC price was down by 0.39% to $66,004.88 on Monday, June 17, with a market cap of $1.30 trillion. The 24-hour trade volume for BTC surged 39.29% to $16.95 billion. Amid the sideways action, the long liquidations exceeded shorts, leading to a downside pressure.