Weak demand for #BTC increases pressure on the market
Amidst the recent sell-off wave, market data has shown a continued decline in demand for Bitcoin over the past few weeks.
Julio Moreno, head of research at CryptoQuant, pointed out that demand for BTC is dropping at a rate approaching 232,000 Bitcoins per month, reflecting a noticeable slowdown in new capital flows into the market.
For its part, Bitfinex described the current situation as a "slow bleed" phase, as distribution from large wallets continues alongside the buyers' inability to offset the sold quantities.
Contrary Opinions Despite Pessimistic Expectations
Despite the gloomy warnings, not all analysts agree with Peter Schiff's outlook. Some followers believe that any strong dip in Bitcoin could represent a new buying opportunity rather than the end of the long-term bullish trend.
Crypto commentator Alex Marziel confirmed that a drop in price to lower levels won't change his conviction about Bitcoin; instead, it might push him to increase his purchases as prices decline.
$BTC $BNB BitcoinEtherSpotETF$4.4BOutflowsBitcoinEtherSpotETF$4.4BOutflows
Amidst the recent sell-off wave, market data has shown a continued decline in demand for Bitcoin over the past few weeks.
Julio Moreno, head of research at CryptoQuant, pointed out that demand for BTC is dropping at a rate approaching 232,000 Bitcoins per month, reflecting a noticeable slowdown in new capital flows into the market.
For its part, Bitfinex described the current situation as a "slow bleed" phase, as distribution from large wallets continues alongside the buyers' inability to offset the sold quantities.
Contrary Opinions Despite Pessimistic Expectations
Despite the gloomy warnings, not all analysts agree with Peter Schiff's outlook. Some followers believe that any strong dip in Bitcoin could represent a new buying opportunity rather than the end of the long-term bullish trend.
Crypto commentator Alex Marziel confirmed that a drop in price to lower levels won't change his conviction about Bitcoin; instead, it might push him to increase his purchases as prices decline.
$BTC $BNB BitcoinEtherSpotETF$4.4BOutflowsBitcoinEtherSpotETF$4.4BOutflows