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Jia Lilly
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Bitcoin Signals Late-Stage Bear Market Conditions, Analysts Warn of Extended Consolidation
Bitcoin is probably getting close to its point in the market but people who are hoping it will go back up quickly might have to wait a long time. This is what the people at K33 are saying.
They have a tool that looks at things like how much money people are borrowing to buy Bitcoin, how many people are interested in buying it and what is happening in the economy. This tool is showing them things that're very similar to what they saw in September and November 2022 which was around the time when Bitcoin was at its lowest point.
The person in charge of research at K33, Vetle Lunde is saying that we should not get too excited about this. He says that the time they saw these things happen Bitcoin did not go back up quickly. Instead it just stayed at the price for a long time.
Bitcoin has lost a lot of value since January. The numbers are showing that people are being very careful. They are not borrowing money to buy Bitcoin. They are actually getting rid of the Bitcoin they already have. The number of people trading Bitcoin has gone down a lot. The number of people interested in buying it is at a four-month low.
Vetle Lunde thinks that Bitcoin will probably stay between $60,000 and $75,000 for a time. He says that this is a time for people who are patient and want to buy Bitcoin to do so.
The big investors are also being very careful. They are not really sure what to do. They are not buying or selling a lot of Bitcoin. Some of them have actually sold a lot of Bitcoin. Most of them are still holding on to it.
Even when people are very scared about Bitcoin it is not a time to buy it. The people at K33 have a tool that measures how scared or excited people are, about Bitcoin. They found out that when people are very scared Bitcoin only goes up a little bit over the next few months.
So the main thing to remember is that Bitcoin might not go down more but it is not likely to go up quickly either.
$BTC
#StrategyBTCPurchase #PredictionMarketsCFTCBacking #BTC #BTCVSGOLD
They have a tool that looks at things like how much money people are borrowing to buy Bitcoin, how many people are interested in buying it and what is happening in the economy. This tool is showing them things that're very similar to what they saw in September and November 2022 which was around the time when Bitcoin was at its lowest point.
The person in charge of research at K33, Vetle Lunde is saying that we should not get too excited about this. He says that the time they saw these things happen Bitcoin did not go back up quickly. Instead it just stayed at the price for a long time.
Bitcoin has lost a lot of value since January. The numbers are showing that people are being very careful. They are not borrowing money to buy Bitcoin. They are actually getting rid of the Bitcoin they already have. The number of people trading Bitcoin has gone down a lot. The number of people interested in buying it is at a four-month low.
Vetle Lunde thinks that Bitcoin will probably stay between $60,000 and $75,000 for a time. He says that this is a time for people who are patient and want to buy Bitcoin to do so.
The big investors are also being very careful. They are not really sure what to do. They are not buying or selling a lot of Bitcoin. Some of them have actually sold a lot of Bitcoin. Most of them are still holding on to it.
Even when people are very scared about Bitcoin it is not a time to buy it. The people at K33 have a tool that measures how scared or excited people are, about Bitcoin. They found out that when people are very scared Bitcoin only goes up a little bit over the next few months.
So the main thing to remember is that Bitcoin might not go down more but it is not likely to go up quickly either.
$BTC
#StrategyBTCPurchase #PredictionMarketsCFTCBacking #BTC #BTCVSGOLD
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