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The president of Weiss Multi-Strategy Advisers, Jordi Visser, stated that for Bitcoin to solidify a bullish trend, it must surpass the $76,000 mark.
He noted that the leading cryptocurrency is nearing levels that suggest a potential reversal of the bearish trend, despite the skepticism among retail investors.
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“Inflation is likely to remain elevated, and investors need to seek assets that can generate returns amid a stagnant S&P 500 index. Bitcoin is one such option,” Visser remarked.
Although market liquidity has not yet fully recovered since the crash in October of last year, he believes this does not indicate weakness in the crypto market. On the contrary, the current phase resembles a period of accumulation, where the asset gradually shifts from short-term traders to long-term holders.
Visser added that the recovery of liquidity typically lags behind price movements. If interest from major participants persists, Bitcoin may continue to rise, and further liquidity increases could serve as an additional catalyst for its acceleration.
Previously, analysts from CryptoQuant reported that amid the instability of financial markets, the behavior of Bitcoin investors has shifted: the proportion of coins held by them has begun to rise again.
