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Binance News
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Analyst Disputes Claims of Cryptocurrency Market Peak
According to BlockBeats, Mark Newton, an analyst at Tom Lee's fund, has expressed disagreement with the prevailing community sentiment that technical indicators suggest the cryptocurrency market has peaked. Newton outlines several reasons for his stance:
Firstly, the Elliott Wave structure has not shown any signs of a market top. Additionally, the monthly DeMark signals have not yet been triggered. Newton also notes that while sideways trading often weakens momentum and can turn the MACD negative, there is no wave confirmation of a sharp five-wave decline from the peak, making it difficult to draw definitive conclusions.
Furthermore, the medium-term trend remains intact, with prices and highs continuing to rise since 2022. Newton also points out that market sentiment has not reached levels typically associated with significant peaks in the cryptocurrency market.
It is important to note that although Newton has previously made accurate predictions about Ethereum's trends, his optimistic outlook on Ethereum since September has not aligned with the actual market performance.
Firstly, the Elliott Wave structure has not shown any signs of a market top. Additionally, the monthly DeMark signals have not yet been triggered. Newton also notes that while sideways trading often weakens momentum and can turn the MACD negative, there is no wave confirmation of a sharp five-wave decline from the peak, making it difficult to draw definitive conclusions.
Furthermore, the medium-term trend remains intact, with prices and highs continuing to rise since 2022. Newton also points out that market sentiment has not reached levels typically associated with significant peaks in the cryptocurrency market.
It is important to note that although Newton has previously made accurate predictions about Ethereum's trends, his optimistic outlook on Ethereum since September has not aligned with the actual market performance.
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