Bitcoin [BTC] analyst says bears are not done yet because…

The bottom might not be in, as an analyst opined that the bear market could last longer than projected There could be short-term respite due to the indication of a bullish crossover “Bitcoin [BTC]‘s bottom is close” has been the order of the day since the king coin traded at a price of $15,800. However, […]

According to the four-hour chart, the Exponential Moving Average seemed to contrast with the projection. At press time, the 200 EMA , which indicated the long-term expectation, was positioned above the 50 EMA . This meant that it was likely for BTC to recover within the period. So, there was less possibility that there would be havoc in the market.Source: TradingView

The above chart also looked at the Bollinger Bands , which showed low volatility, at the time of writing. The inability of Bitcoin’s price to exceed the bands indicated that a price reversal might not be imminent. However, the condition did not mean that BTC’s price would not alter its direction in the long term.. Considering that this value was a low point, it meant that very few holders have moved their coins in the last year.

In addition, the 365-day dormant circulation had not found its way to exit the downtrend. At press time, the dormant circulation value was down to 443. This implied that these long-term holders have resisted transacting. Hence, there was the possibility of their assets still in losses with no noteworthy signal of recovery.On another note, there could be some respite for short-term investors. This was theof another CryptoQuant analyst, Ghoddusifar.

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