Glassnode analysts wrote that bear market “still requires an element of duration” as long-term holders (LTHs), who tend to have greater confidence in Bitcoin as a technology, increasingly bear the largest unrealized losses
They added that the market may need more “downside risk to fully test investors’ resolve, and allow the market to establish a resilient bottom.”
But the worst thing is the catastrophic forecast on Wall Street that predicts that the debacle will be deeper than it was until now.
Since Bitcoin peaked at $65,000 in the middle of last year, the highest-value cryptocurrency has been steadily falling below $20,000. There are not a few investors who expect additional falls of up to 50%, up to $10,000.
According to the MLIV Pulse survey, 60% of the 950 investors surveyed believe that $10,000 price could be coming for BTC. But the remaining 40% believe bitcoin will gain 50% from here to $30,000.
Jared Madfes, a partner at Tribe Capital, a venture capital firm, told ‘Bloomberg’: “It’s very easy to get scared right now, not just in crypto, but in the world in general.” Expectations of a further drop in bitcoin reflect “the inherent fear of people in the market.”
Source: Ambito
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