BTC Turns Bearish: What a Structural Bear Market Means
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We will also review the main reasons behind BTC's 25% drop since October, according to analysts.
Bitcoin’s price dumped once again on Sunday afternoon to a new six-month low of $93,000. On the surface, the reasoning behind the latest crash is quite slim, as there aren’t any significant catalysts that can be blamed.
However, the analysts from the Kobeissi Letter believe there’s a more profound and fundamental shift in the cryptocurrency market, and explained why a new type of ‘structural’ bear cycle has begun.
Why Such Big Moves?
Before we head into the explanation of this sort of bear market, first, we need to examine the analysts’ culprits for the overall market calamity. After all, BTC has lost 25% since its early October all-time high, and now sits at six-month lows of $95,000 after the Sunday dip. As they admitted, this decline is particularly “strange for one key reason.”
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