en.bitcoinsistemi.com
The sharp decline in Bitcoin and altcoins experienced over the weekend continues into the new week. Currently, the price of Bitcoin has fallen below $75,000, its lowest level in the last ten months.
This situation further fuels bearish predictions, and according to analysts, Bitcoin could officially enter a full-blown bear market if it doesn’t show a rapid recovery.
The slowdown in institutional demand in the cryptocurrency market, ongoing macroeconomic uncertainty, particularly tensions between the US and Iran, and the release of a new section of the Epstein Papers are among the factors causing declines, raising concerns that Bitcoin may be entering a full-blown bear market.
Nick Ruck, head of research at LVRG, stated that Bitcoin could enter a full-blown bear market unless there is a short-term recovery.
Ruck attributed the ongoing decline and selling pressure in the crypto market to a variety of factors, including delays in negotiations regarding the US Crypto Asset Market Structure (CLARITY) Act and general economic uncertainty.
The analyst also noted that investors have reduced their exposure to risky assets like Bitcoin despite the Fed choosing a crypto-friendly candidate as the next chairman.
“Despite Trump choosing a crypto-friendly name for the next Fed chairman, investors are still risk-averse due to ongoing geopolitical conflicts and dollar instability. Meanwhile, the US economy is struggling between rising unemployment and inflation.”
Technical indicators suggest that long-term selling pressure patterns are forming if demand does not recover soon, meaning BTC could enter a bear market if it continues to fall further.
Furthermore, analyst Rekt Capital also stated that the declines will continue. Referring to account X, the analyst indicated that history is repeating itself, noting that the recent declines occurred after the intersection of the bull market EMA (Emergency Moving Average).
The analyst noted that Bitcoin has fallen by 17% since this intersection occurred, adding that historical data points to further declines.
*This is not investment advice.