There is no "selling wall" strong enough to destroy the current uptrend

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28 Jan 2024
19

A seasoned economist and cryptocurrency commentator is certain that no “sell wall” catalyst is strong enough to derail the uptrend in the digital asset market.

“We may be nearing the end of the crypto lull”


The most painful phase of the current cycle is coming, said Ilan Solot, co-head of digital assets at Marex Solutions' liquidity management division.This segment needs to be prepared for volatile markets followed by a continued uptrend and a gradual decline in Bitcoin (BTC) dominance.
In thread Gox and Celcius.
To the expert, the overhang looked “quite large but manageable.” Additionally, he advises considering situations where the manager might be interested in diversifying the portfolio rather than selling it. When it comes to GBTC liquidity, Solot estimates that a “buy the dip” mindset will likely negate its potential negative effects.
At the same time, the uptrend may not recover in the blink of an eye in an atmosphere of soaring S&P 500 index and regulatory hostility in the US. The S&P 500 is up more than 20% for the year, and on January 24, it set a new historic high above 4,903.
Bitcoin ETF inflows slow, but don't worry Along with the recovering uptrend, cash flows into cryptocurrency spot ETFs will lose momentum. However, for the analyst, this slowdown will not affect the bullish outlook.
As a result, he remains optimistic about the long-term potential of the recovery starting in 2023:
“I remain very bullish on crypto this year. Once the ice melts, paradise is ahead of us and there is much to look forward to in the rest of the space, especially Ethereum and Solana.”

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