Despite today’s market-wide gains, most digital assets trade significantly lower than a week ago following a double-digit percentage pullback on Thursday, which sent bitcoin at one point plunging below $25,000.
The downtrend for digital assets may continue for weeks, said John Glover, chief investment officer at crypto lender Ledn and former managing director at Barclays. “Both the technical and fundamental outlook for risk assets, including BTC and ETH, are pointing to softer prices in the next weeks,” Glover noted in an email. “When the techs and the fundamentals align, the market prices tend to follow.”that bitcoin likely won’t stay at these depressed price levels for much longer.
“Bitcoin recently experienced the longest period of negative year-over-year returns in its history, lasting 15 months,” Dan Morehead, founder of Pantera,