These Bitcoin Analysts Explain Why the Crypto Market isn’t Out of the Woods
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.”
Bitcoin Bulls Break More China
The Bitcoin price isn’t out of the woods – yet.
Greenspan feels that a much bigger upward push is needed if you’re going to start calling the end of a bear market. Bitcoin bulls are simply bigger beasts.
“[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.”
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