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Bitcoin (BTC) in ‘Make or Break’ Mode as BlackRock Buys Dip
Dan Burgin
When market cap remains stagnant despite growing realized cap, it is believed to be a typical bearish sign. This is exactly the scenario that is unfolding right now, according to Ju.
“Right now, we’re seeing the former—capital is entering the market, but prices aren’t responding,” he said.
In such market conditions, even large purchases cannot make any difference since major buyers get overwhelmed by sellers. The massive Bitcoin strategy and GameStop’s most recent pivot failed to move the needle. Unfortunately for Bitcoin buyers, a short-term rally is unlikely to happen in the near future, according to Ju.
“Sell pressure could ease anytime, but historically, real reversals take at least six months—so a short-term rally seems unlikely,” Ju added.
Bitcoin is currently trading at $83,006, according to CoinGecko data.
#Bitcoin Price Prediction
Source: https://u.today/bitcoin-bull-cycle-is-over-cryptoquant-ceo-says
