Analysts Comparing Past Bitcoin Cycles Warn! “Even though BTC Gives Bullish Signals, The Bear Market Is Not Over!”

in last November cryptocurrency stock market FTXafter the bankruptcy of bitcoin and the crypto market fell sharply and BTC fell to $ 15,500.

consolidated in a narrow range from November to January. BTChas recorded an increase of approximately 40% since the beginning of 2023.

Bitcoin leads the rally Ethereum (ETH) and other altcoins also participated in the trend and experienced a significant increase.

While these rises have caused some investors to go into bull mode, analysts say that the market sentiment is not bullish yet, with the latest price and on-chain data showing that BTC may be in the later stages of a bear market.

Coindesk’Cryptocurrency exchange, according to the news Bitfinex Analysts noted in this week’s note that data indicates that Bitcoin may be in the next phase of its bear market.

Analysts made the following statements:

“While Bitcoin’s current performance suggests that bottoming may already be reached, we are not yet out of bear market waters as we have not seen a full year since the 2022 bear market rally.

Early 2020 was a period of great volatility before the third Bitcoin rally of eight green candles and amid downside macro conditions.

In this context, what we experience in the first and second quarters of 2023 may be the period experienced in the beginning of 2020.”

bitcoinAnalysts, noting the correlation of .As Bitcoin and crypto are currently highly correlated with the US equities market, downside macro developments may constrain BTC from repeating its past performances.” made its assessment.

Finally, short-term and long-term bitcoin Bitfinex analysts comparing investors, glassnode’Fame “Short-term Bitcoin holders (STH) are currently selling BTC at profit, while long-term holders (LTH) are continuing to hold spot positions” referred to his report.

Analysts say the difference between Bitcoin investors “An increasingly bullish move for BTC” argued that.

*Not investment advice.

For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android and iOS Start live price tracking right now by downloading our apps!


source site-4