Bitcoin reaches turning point after 'October nightmare'... "Macroeconomic factors are the catalyst"

Bitcoin (BTC) has continued its weakness in November following October. However, some say Bitcoin has reached a turning point toward an upswing.

On the 5th (Korean time), according to crypto asset (cryptocurrency) outlet The Block, Berl Lunde, an analyst at K33 Research, said in a report, "Bitcoin has reached an important turning point after the large-scale liquidations in October," and "it is currently possible that it will exit the down cycle and recover."

Lunde analyzed that Bitcoin's recent decline stems from market sentiment based on a lack of liquidity and fear. He explained, "Bitcoin's decline was further deepened by downward pressure and market uncertainty, which led most investors to hesitate to buy."

However, Lunde also suggested that Bitcoin may exit the down market. He said, "The current structure is a typical post-liquidation consolidation phase, and an upward turn may be possible," adding, "If selling pressure from long-term investors subsides and liquidations decrease, exhausting the selling momentum, a bullish reversal is possible."

He also said that macroeconomic factors could act as catalysts. Lunde emphasized, "Macroeconomic factors such as interest rate cuts and concerns over a U.S. government shutdown will promote Bitcoin's rise."