Is Bitcoin Bear Market Over? Where Is Smart Money Going?

Falling as low as $17600 after high of $69,000 bitcoin has been moving in a narrow band for a long time.

While Bitcoin has been following a horizontal course around the $20,000 levels for the last 4 months, it has caused a decrease in the interest of retail investors. bitcoin trading has become boring.

Speaking to CNBC about Bitcoin’s sideways trend, Luno exchange head Vijay Ayyar said that this consolidation is a potential bottom signal.

“Bitcoin has been held between $18,000 and $25,000 for 4 months. This consolidation indicates a potential bottom pattern as we see the dollar index approaching the top as well.”

Stating that the model between Bitcoin and DXY is similar to 2015, Ayyar said, “We can see a similar pattern emerge.”

Is Crypto Winter Over?

Some analysts bitcoinWhile acting cautiously, thinking that the real bottom will not come before a last capitulation candle is seen, some analysts believe that the uptrend will begin after this consolidation.

Speaking on this subject, Ayyar stated that the boredom of retail investors is a good sign and an indication that smart money is flowing here.

“The stagnation in prices marks an accumulation phase in which institutional investors become more willing to bet on Bitcoin.

The fact that Bitcoin is stuck in a certain range makes it boring. However, this is a time when retail investors lose interest and smart money begins to pile up.”