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Marcus Sotiriou, Analyst at Listed Digital Asset Broker global block (TSXV:BLOK).
The crypto market fell below $1 trillion again this week as Bitcoin neared a local bottom of $17,600. On-chain analysis also shows bearish sentiment among market participants.
An example of this is Bitcoin Adjusted SOPR chart provided by Glassnode, This shows that investors are cashing out during bear market rallies. This indicator suggests that investors are selling to ‘get their money back’ on a cost basis as there is significant resistance to the breakeven point of 1. I think the mainstream narrative of recession and high inflation is causing fear among market participants.
The seasonality of Bitcoin’s monthly price movement is consistent with September being a negative month, as shown in the graph above, as July of the past September was red. I’m here.
However, Bitcoin has already fallen more than 5% this month and has been green seven times in the past October. So, if Bitcoin’s seasonality over the past nine years is okay, this scare could be a great buying opportunity.
