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Amid growing pessimism among traders and investors, the Bitcoin market is nearing a turning point, according to experts from the financial firm Matrixport.
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Their assessment suggests that a stable bottom may form in the near future, potentially alleviating the selling pressure on Bitcoin and other crypto assets.
“Considering the cyclical relationship between market sentiment and price dynamics, the latest data indicates the likelihood of approaching another pivotal moment,” representatives from Matrixport stated.
At the same time, they cautioned against excessive optimism, noting that the Bitcoin price could decline further over the week. However, for large investors, this scenario is advantageous as it allows for the acquisition of more BTC.
Despite the current volatility, in the long term, the leading cryptocurrency may resume its upward trajectory due to persistent fundamental factors, Matrixport concluded.
Earlier, Matt Hougan, the investment director of the asset management firm Bitwise, stated that the digital asset market is laying the groundwork for exiting the bear cycle.
