[ad_1]
Crypto firm Galaxy says Bitcoin will “climb the wall of worry” as the bull market continues
Crypto firm Galaxy released a research note this week assessing the drop in crypto values on Tuesday, March 5, and what it means for the bull market.
A note from the company’s research team said BTC is “still not for newbies” after the leading cryptocurrency fell following its new all-time high earlier this week.
“The decline was exacerbated by significant long liquidations – $400 million between 2 p.m. and 3 p.m. ET alone,” the analysts noted. “Over the past 24 hours (as of 7 a.m. ET Wednesday), over $800 million in long liquidations (and more than $1 billion in total including short liquidations) have taken place on crypto futures exchanges.”
As Bitcoin continues to hit new all-time highs, Galaxy said volatility has returned and is likely to continue “as we climb the wall of worry.”
“Some old coins were revived yesterday [March 5] and likely sell, potentially helping create the intraday top,” the analysts said. “Blockchain data suggests that a large portion of the coins mined in 2010 came online and moved on-chain yesterday – we assume these were sales.” Everyone has a price, and if this were a person and they had sold, they probably would have wished they had sold at that level in 2021 and chose to do so
Now that we’re back, the money is off the table.”
However, when the company evaluated data from Coin Days Destroyed, it found that old coins coming online tend to mark either bullish tops or desperate bottoms.
Still, “make no mistake, we will climb a wall of worry if this bull market continues,” said analysts, who believe Bitcoin’s rise is “just beginning.”
“Be confident, take your coins into self-custody if you can, and enjoy the greatest game the markets have ever seen,” they concluded.
[ad_2]
Source link
