Are Bitcoin’s Worst Days Behind Us? Analysis Company Says “Yes,” and Shares Its Expectations!
Bitcoin has been under intense selling pressure for weeks. However, this eased yesterday when Bitcoin briefly rose to a daily high of $62,200 on Binance.
BTC is currently trading around $61,600, having gained 2% today and 3% over the past seven days.
While it remains to be seen whether the rise in BTC will continue, the analysis company Tiger Research has stated that they expect an uptrend for Bitcoin.
In their latest report, Tiger Research analysts stated that Bitcoin and the market have entered the final phase of the current downtrend, thus strengthening the bullish outlook for Bitcoin.
Analysts also noted that much of the selling pressure on BTC has already been absorbed and that further declines are possible but would be limited.
Finally, Tiger Research notes that further liquidations are still possible, but these will occur in the final phase of the cycle. They also add that the next surge will be driven by improved liquidity, broader corporate adoption, and increased monetary demand.
“A final wave of liquidation is still possible, but the remaining downside risk increasingly appears to be a decline reminiscent of the final phase of the bear market; the upside potential lies in the next full cycle of liquidity recovery, corporate allocation, and monetary premium expansion.”
*This is not investment advice.
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