Analyst Says Bitcoin’s ‘Big Flush’ Still Lies Ahead
An analyst warns Bitcoin's cycle bottom is not in, predicting a significant sell-off despite recent price rallies.Summary
Crypto analyst Ivan Liljeqvist has cautioned that Bitcoin (BTC) has not yet reached its cycle bottom and anticipates a substantial sell-off. He believes the $60,000 mark was not the lowest point and that the overall trend remains downward, dismissing recent percentage bounces as insignificant when viewed in the broader context. Liljeqvist also pointed to MicroStrategy's STRC dividend cycle as a factor influencing current BTC price movements, noting that buy pressure for STRC typically peaks mid-month, enabling the company to raise capital for Bitcoin purchases. However, he asserts that MicroStrategy alone cannot propel BTC past key resistance levels, characterizing the current market as "risk-off" since October and advising capital preservation. Despite this bearish outlook, institutional demand, with public companies and ETFs holding approximately 12% of BTC's supply, may mitigate the severity of drawdowns compared to previous retail-driven cycles, which saw declines of 82% and 77%. The current drawdown of around 40% suggests a potential structural shift in bear market behavior, though the ultimate impact of institutional buying on future price action remains uncertain.
(Source：BeInCrypto)