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Bitcoin sales are about to end, but the price may enter a period of 3-4 months! - Coin Newsletter
According to analysts, Bitcoin sales may be running out, but instead of experiencing a new bull rally, the price may enter a 3-4 month process.
According to CryptoQuant analyst Julio Moreno, the selling pressure on Bitcoin may be running out but the price may enter a period of 3-4 months instead of starting a new rally.
Bitcoin investors are currently facing an average of 12% unrealized loss. Historically, these levels have overlapped with local lows in the current bull market. However, this does not mean that the price will immediately move upwards.
According to Julio Moreno, when looking at similar price movements in previous bull markets, investors tend to hold their positions at these levels. Therefore, the market may need time to recover. Based on historical data, the price of Bitcoin could remain sideways at these levels for 3 to 4 months.
Julio Moreno also stated that the market's entry into periods of low volatility could set the stage for the start of a new uptrend. So, while the exhaustion of the sell-off in Bitcoin is a positive signal, it seems more likely that the price will enter a consolidation process rather than suddenly turn up.