No full-scale Bitcoin growth expected
Despite the recent increase in the value of Bitcoin, which caused a stir in the cryptocurrency community, experts from the analytical company CryptoQuant say that this is just a 'relief rally' and not the beginning of a new bullish cycle.
According to Julio Moreno, head of research at CryptoQuant, Bitcoin is still in a bear market, despite the recent price increase. This means that the cryptocurrency market is unlikely to switch to a confident upward trend in the near future.
This statement may disappoint many investors who were counting on a quick recovery and an increase in the price of Bitcoin. However, CryptoQuant experts call for a sober assessment of the situation and not to succumb to euphoria from short-term price fluctuations.
In recent weeks, Bitcoin has indeed shown confident growth, overcoming the $23,000 mark. However, according to analysts, this was just a temporary 'relief' against the background of the general negative market conditions, and not a signal to the beginning of a new bullish rally.
In conclusion, CryptoQuant experts urge investors to remain vigilant and not to succumb to emotions. Despite periodic surges of optimism, the cryptocurrency market is still under pressure, and it is not worth expecting a full-fledged recovery of Bitcoin in the near future.