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Analysts admit bitcoin market is going bearish

Over the past day, Bitcoin has lost 9% of its value and at the time of publication is again trading below $ 32,000, and the rollback since the beginning of the week is already 20%. Despite one of the most successful periods in the history of the cryptocurrency, now its price is even 2% below the levels of the beginning of the year. Altcoins, in their characteristic manner, are decreasing even faster – Dogecoin, for example, has fallen in price by 30% over the course of a day and is now quoted below $ 0.20.

Does this mean that the market is waiting for another period of “crypto winter”? Some experts admit this possibility. CryptoQuant CEO Ki Yong Joo argues that the bear market has been confirmed by the transfer of assets of large bitcoin holders to exchanges.

 

“I hate to talk about it, but it looks like the bear market in bitcoin is confirmed. Too many whales are transferring their BTC to exchanges. Historically, the predominance of whale inflows coincided with the onset of the bear market, ”he wrote.

 

Analyst Alex Kruger told Decrypt that the current picture “is definitely a bear market.”

 

“The only positive news going forward is that everyone shares an extremely bearish sentiment and it could be worse. However, there is no specific characteristic that would make it possible to distinguish a bear market, ”he said.

 

Analyst Pedro Febrero, in turn, urges not to rush things:

 

“I don’t think this is a bear market. At least not now. Give him a few more weeks, then we’ll see. ”

 

At the end of May, Fred Pye, CEO of Canadian crypto ETF company 3iQ, stated that Bitcoin’s correction is healthy and that the high price levels have not been sustainable anyway. However, the decline has continued since then.

 

“We’re used to seeing this market go up and down dramatically – extreme volatility,” said Matt Aaron, co-founder of the UniWhales DeFi Large Transaction Tracking app. “But if you look at the development of the Internet after 2001, with its spread in the real world, to which we are now closer than ever before, perhaps the cryptocurrency market will develop in a similar way, rising more smoothly from year to year.”

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