Marcus Thielen said that his data signaling the onset of a bear trend in the market. Bitcoin is in a wide range of $ 73,000 to $ 94,000, and overcoming $ 100,000 is unlikely.
According to the expert, the short -term bitcoin indicators demonstrate patterns that are more characteristic of the top of the market or the late phase of the cycle, and not for the early stages of the new bull rally:
“Short -term signals do not correspond to long -term indicators, which emphasizes the discrepancy in forecasts. The Bitcoin market is no longer a parabolic with a strategy exclusively for the purchase of retail investors. Now bitcoin requires a more complicated, financial-oriented approach. ”
Over the past year, the Bitcoin rally was not due to classic speculators, but by long -term holders who adhere to the strategies of buying and subsequent retention of the asset, the analyst explained.
Previously, Finbold experts They said that from the beginning of the year until April 1, the number of Bitcoin addresses, where the first cryptocurrency is stored in the amount of a million dollars, has decreased by almost 20%.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
