Bitcoin bear market will last '2-3 months max' —Interview with BTC analyst Ph...
On-chain data is showing there is light at the end of the tunnel for Bitcoin hodlers, says LookIntoBitcoin creator, Philip Swift. Bitcoin (BTC) may see more pain in the near future, but the bulk of the bear market is already “likely” behind it.That is one of many conclusions from Philip Swift, the popular on-chain analyst whose data resource, LookIntoBitcoin, tracks many of the best-known Bitcoin market indicators.Swift, who together with analyst Filbfilb is also a co-founder of trading suite Decentrader, believes that despite current price pressure, there is not long to go until Bitcoin....
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With the Bitcoin price struggling recently, the expectations are that the crypto market is headed into another bear run. This is characterized by Bitcoin losing $100,000 after over four months, and has not been able to reclaim this major level. Meanwhile, sell-offs among whales have continued, putting billions of dollars worth of selling pressure on the cryptocurrency. As such, the probability that Bitcoin is going into a bear market has shot up considerably during this time. Analyst Warns Of Imminent Bitcoin Bear Market Crypto analyst Titan of Crypto has taken to the X (formerly Twitter)....
Though on-chain metrics point to the worst Bitcoin bear market on record, they also highlight hodlers' growing resilience. While the current bear market may be the worst on record, on-chain metrics signal that the Bitcoin (BTC) network is becoming increasingly resilient, said Glassnode analyst James Check during a recent interview with Cointelegraph. In particular, Check refers to the amount of Bitcoin holders who don’t sell even in extreme market conditions, which has become much higher than in previous bear markets. “Cycle after cycle, that floor of hodlers is higher, the amount of....
“No doubt about it, people are really scared, which is typically [...] an opportunity to buy,” Willy Woo said. Bitcoin analyst and co-founder of software firm Hypersheet Willy Woo believes that on-chain metrics show that BTC is not in a bear market despite observing “peak fear” levels. Speaking on the What Bitcoin Did podcast hosted by Peter McCormack on Jan. 30, Woo cited key metrics such as a strong number of long term holders (wallets holding for five months or longer) and growing rates of accumulation suggest that the market has not flipped the switch to bear territory:“Structurally....
After a few months of ups and downs, the XRP price had fallen below $2 this month for the first time in seven months, breaking down toward its yearly support of $1.79. While there has been some recovery recently, the momentum remains low, and the chances of a sustained recovery decline with each new dip. As the altcoin continues to struggle, a market analyst has outlined the two major directions that the price could go in, given the bull and bear scenarios. The Bull Case For XRP For the XRP price to continue to rise, there would need to be some major momentum shift from here. For one, the....
Bitcoin is still struggling to get back above $60,000, and is sinking lower with each passing day. Another defense at $50,000 might be near, and if bulls cannot support the key level another time, a bear market could follow. According to the momentum of past market cycles, the next bear phase could be a walk […]