Analysts say that while overall market sentiment cannot be called bullish just yet, the recent price and on-chain data suggests that bitcoin could be in the later stages of a bear market. By shauryamalwa.
Bitcoin’s recent uptrend was met with euphoria and skepticism as prices rallied 40% in the past month – despite ongoing contagion effects spread by the fall of centralized crypto players.
However, some analysts say that while overall market sentiment cannot be called bullish just yet, the recent price and on-chain data suggests that bitcoin could be in the later stages of a bear market. The note cited Glassnode that suggested short-term holders of bitcoin selling now at profit while long-term holders continue to hold massive spot positions – a move that “looks increasingly bullish for bitcoin.”
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