$BTC bear market already over? Galaxy's head of research thinks so. Here's the case 🐻➡️🐂
Alex Thorn (Galaxy) said this week:
• "We think the bear market ended in June"
• He calls the current phase accumulation, the kind that came before every prior advance
His evidence:
1️⃣ Bitcoin climbed back above its 50-week moving average after 44 weeks below it
2️⃣ It has now printed five straight weekly closes above that average
3️⃣ Asset managers' net long CME futures exposure is down 57% from the record-high week. The fast money left. The base stayed
The other side:
• Strategy paused its buying last week
• A hawkish Fed tomorrow could knock price back below 79,200
• One investor is calling for a drop to 57,000
Where $BTC sits now: about 80,700, squeezed between 79,500 and 81,100.
Bottom in, or one more flush for $BTC ? 👇
NFA
#Bitcoin #CryptoNews #FOMCWatch
No Binance account yet? Get 20% of your trading fees back 👉 Sign up on Binance
Alex Thorn (Galaxy) said this week:
• "We think the bear market ended in June"
• He calls the current phase accumulation, the kind that came before every prior advance
His evidence:
1️⃣ Bitcoin climbed back above its 50-week moving average after 44 weeks below it
2️⃣ It has now printed five straight weekly closes above that average
3️⃣ Asset managers' net long CME futures exposure is down 57% from the record-high week. The fast money left. The base stayed
The other side:
• Strategy paused its buying last week
• A hawkish Fed tomorrow could knock price back below 79,200
• One investor is calling for a drop to 57,000
Where $BTC sits now: about 80,700, squeezed between 79,500 and 81,100.
Bottom in, or one more flush for $BTC ? 👇
NFA
#Bitcoin #CryptoNews #FOMCWatch
No Binance account yet? Get 20% of your trading fees back 👉 Sign up on Binance