Editor's PiCK
[Analysis] "Bitcoin (BTC), Entering Another Long Correction Period... Strong Rebound Signals Not Yet Present"
Summary
- "Bitcoin (BTC) is likely to continue its sideways movement in the future," it reported.
- "Bitcoin is likely to repeat price movements similar to last year," it stated.
- "With insufficient evidence to support a strong rebound, it's difficult to be confident about an upward trend in the short term," it reported.
Analysis suggests that Bitcoin (BTC) is likely to continue moving sideways for the next 8 months.
According to cryptocurrency media Cointelegraph on the 15th, Marcus Thielen, senior researcher at 10X Research, diagnosed that "Bitcoin is very likely to repeat price movements similar to last year."
Previously in March last year, Bitcoin hit its all-time high at that time ($73,679) and then formed a box pattern, moving sideways for 8 months. Thielen analyzed that such movement is likely to repeat. Bitcoin is currently down 23% from this year's peak ($109,000).
He projected that "currently, there is insufficient evidence to support a strong rebound," making it difficult to be confident about a resumption of the upward trend in the short term.
The media added, "In the current market, debate continues about whether Bitcoin will fall further or form a support level and rebound."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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