These Bitcoin Analysts Explain Why the Crypto Market isn’t Out of the Woods
Friday was fun, but Bitcoin isn’t quite in a bull market yet. | Source: Shutterstock
Listen, noob. A $200 price retracing is far from the end of a bear market for Bitcoin. Comparing historical charts, there are times in recent memory where we’d call that “stability.” In a recent newsletter by eToro’s Mati Greenspan, the veteran analyst points out that China was on holiday recently. Coming back to the crypto markets, they seem to be in a “buying mood.”
The Bitcoin price isn’t out of the woods – yet.
“[I]n order to say definitively that the bear market is over, we would need a strong break above the key psychological barrier of $5,000. In any case, even though the technical indicators remain bearish, the fundamentals continue to grow stronger. Volume across crypto exchanges over the last 24 hours have reached a fresh high of $25 billion on Friday and have sustained well above the baseline of $15 billion since.”
There is also the issue of a lot of new people entering the space. This is undeniable given the way the market has gone up overall. The money isn’t exiting other cryptos and injecting into Bitcoin or Litecoin. Instead, it’s coming in through the main entrance, fiat.
Every Bitcoin price rise has a thousand bots ready to sell. So sustained bull runs are notable by the way up,