Cryptocurrency market analysts said: they studied some parameters on the chart of the flagship digital currency, Bitcoin (BTC), and concluded that the price would continue to fluctuate sideways. This is due to the lack of pressure from sellers. At the same time, it was noted that now is an excellent time to continue the correction and further growth in the asset’s value.
Experts assured: large cryptocurrency holders (whales) are practically inactive in the market and try to avoid participating in trading. The specialists emphasized that there are all prerequisites for expecting a further market decline, based on the analytics of technical analysis indicators such as moving averages (SMA).
According to analytical platforms, after the statements of the Federal Reserve System (FRS) representative, Jerome Powell, the flow of BTC to centralized exchanges was superficial.
Analysts recalled: that the bitcoin rate has experienced a difficult 9 months. It has fallen over 70% from its all-time highs in November last year. The situation in the industry is further destabilized due to the collapse of some blockchains such as Terra and many projects in the industry. This undermined the trust of users in the entire cryptocurrency ecosystem.
Representatives of CoinShares assured us that the market downturn would end soon. Grayscale, a large company, also published a report earlier indicating that the bearish trend would continue for several months and a reversal would occur.