Bitcoin News

Bitcoin Bear Market Will End Soon – Price Can Burst Anytime Over $50k.

Bitcoin (BTC) bearish are likely being too “stoneless” to maintain prices low for much longer, according to a new BTC price study.

In a tweetstorm released on December 18, famous account Light detailed the circumstances that contributed to Bitcoin’s latest 39 percent drop.

Sheep dressed like bears

Light highlighted that a mix of macro causes and savvy action by major players left ordinary investors holding the bag in both Bitcoin and altcoins.

This was obvious even prior to actual the fall from $69,000 intensified into December’s liquidation cascade – smart money realized such levels were unstable and responded appropriately.

Nevertheless, after petering and maintaining widely under $50,000, there is a new reason to opt out.

Those identical early sellers are currently turning a blind eye, as BTC/USD is at firm support and interest in Bitcoin is rising.

BTC

BTC/USD 1 DAY PRICE CHART SOURCE – COINMARKETCAP.COM

According to Light, 25% of derivatives OI was halted or liquidated. Countless billions of dollars were lost. People who were previously wary were today appropriately risk-averse.

While bulls have been conservative, bears have been aggressive, driving omnipotent beings basis negative on certain platforms and increasing OI, while significant participants who delisted in the $60k range have changed tack and began to swallow panic- and short-selling.

Will Altcoin ruin the fun?

Altcoins are a possible spoke in the wheel, with dissemination ongoing after significant increases into 2021.

Even in this case, though, the tide is changing, with evidence indicating that Bitcoin’s supremacy is dwindling.

Several cryptocurrencies have fallen by more than 80% from their all-time high in May. They are additionally on or near upper period support levels.

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