Attachment of on-chain data... "Liquidity depletion, data is accurate"
);)
Previously, the representative had repeatedly expressed the view that the Bitcoin bull market had not ended, even as Bitcoin had been in a downtrend for several months through his X account. Now, the representative has revealed the opinion that the Bitcoin bull market has come to an end.
The representative said, "The Bitcoin bull market has ended, and a downtrend or sideways movement is expected to continue for the next 6-12 months."
The data attached by the representative is a graph of the market cycle transition based on Bitcoin's buying and selling pressure. The graph he attached actually showed the crossover of the bull and bear markets according to buying and selling pressure. The Bitcoin market cycle transition signal data currently attached by the representative shows that the selling pressure is dominant, and this signals that Bitcoin will decline.
The representative left a comment saying, "I referred to the data and it is accurate."
The representative analyzed the 365-day moving average of Bitcoin's 'market value to realized value (MVRV)', 'spent output profit ratio (SOPR)', and 'net unrealized profit/loss (NUPL)'. He said, "All on-chain indicators are signaling a bear market," and "Liquidity is depleted and Bitcoin whales are selling Bitcoin at low prices."
Reporter Seungwon Kwon ksw@blockstreet.co.kr
