Bitcoin will ‘likely continue to consolidate’ in this pullback phase — Analyst
Bitcoin long positions may “become viable” after long-term seller supply increases again, says one crypto analyst.
Bitcoin’s latest pullback amid broader macroeconomic uncertainty may not see it rebound to its January $109,000 all-time high (ATH) as quickly as some hope, an analyst says.
“We should assume that we are in the pullback phase after the ATH and will likely continue to consolidate for some time due to liquidity needs,” CryptoQuant contributor XBTManager said in a March 5 analyst note.
XBTManager said once short-term holders of Bitcoin (BTC) — those holding for under 155 days — start selling, and long-term holders start buying again, long positions will “become viable.”
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Author: Ciaran Lyons
