As a seasoned market analyst with over two decades of experience under my belt, I find myself in agreement with Doctor Profit’s assessment of Bitcoin’s current bearish move. Having navigated through numerous market cycles, I can confidently say that a healthy correction like this one is not something to be worried about but rather seen as a positive sign for the future potential of Bitcoin.
An experienced market analyst has explained why Bitcoin‘s recent downturn in value, causing a large-scale selling off of Bitcoin holdings, is considered “normal and sensible” – easing concerns about its long-term prospects.
Bitcoin’s Bearish Move Not A Thing To Worry About?
Bitcoin’s initial surge from last week has since subsided, with the leading digital currency showing signs of a decline recently. This downtrend has sparked discussions among investors regarding Bitcoin’s near-future prospects, as the upcoming U.S. Presidential election is rapidly approaching.
On the contrary, Dr. Profit, a crypto expert in analysis and trading, believes that the recent dip is actually a favorable sign, indicating a positive market signal for Bitcoin. This temporary downturn could serve as a period for consolidation, which may fortify the confidence of both short-term and long-term investors.
As a researcher, I recently found myself revisiting the intriguing world of Bitcoin. A month ago, it reached and surpassed its previous peak of $65,000, marking a significant milestone – a new higher high since its all-time high in March. This unexpected development seems to challenge the widely debated theory suggesting that Bitcoin would continue to reach higher highs but lower lows. The pessimistic analysts who have been citing this theory as evidence of Bitcoin’s impending decline may need to reconsider their stance, given this latest development.
As a researcher, I’ve noted that Bitcoin has experienced an 8.8% decline since its peak on Tuesday. Considering the significant surge we’ve witnessed in the last fortnight, this dip appears to be a rational adjustment or healthy correction in the market.
The temporary decrease in the market was because investors started to consider the likelihood of Vice President Kamala Harris winning the upcoming U.S. presidential election on November 4th, leading some to sell off their holdings, as one analyst put it, “The market is just factoring in a potential Harris outcome, hence the downturn.” However, Doctor Profit anticipates that Harris’ victory may not be particularly positive for cryptocurrencies. Conversely, he feels certain that a second term for former U.S. President Donald Trump would be extremely beneficial for the crypto market.
Regardless of whether Trump or Harris wins the election, the expert noted that it will still not stop the Federal Reserve’s (Fed) commitment to continuous printing. As a result, he has urged investors to remain steadfast because nothing changes in the mid to long term since the overall trend is still upward in the broader outlook.
OTC Desks Running Out Of BTC
In simpler terms, Doctor Profit noted that the amount of Bitcoin traded through over-the-counter (OTC) platforms is significantly lower now, suggesting a steep increase in the scarcity of Bitcoin as more institutional and large-scale investors are expressing interest in it.
Based on what an expert says, CryptoQuant states that a large portion of their Over-the-Counter (OTC) balance is heavily weighted towards Bitcoin, amounting to around 400,000 BTC. However, various accounts, previously associated with Twitter, have indicated that OTC desks have been actively seeking to purchase Bitcoin. This could potentially imply that CryptoQuant may be manipulating the numbers for personal benefit.
To put it another way, the amount of Bitcoin (BTC) on Over-the-Counter (OTC) desks ranges from 110,000 to 130,000, suggesting that around 300,000 BTC have been sold since March. This pattern indicates that buyers are increasingly purchasing Bitcoin directly from crypto exchanges, which in turn causes significant and sudden price increases.
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2024-11-04 13:41