According to crypto analyst and trader Miles Deutscher, the cryptocurrency market is not showing signs of bullish trend. The analyst explained that the main reason for the lack of momentum was the lack of new entries from retail investors.
“Existing Traders Will Compete With Each Other Until New Participants Enter The Cryptocurrency Market”
Deutscher said in a tweet on Sunday that there is no new reason for individual investors to return to the crypto market, which has been in a prolonged downturn.
He added that this situation could change quickly if there are some positive catalysts, such as the approval of a Bitcoin exchange-traded fund (ETF), the launch of a new sounding app, or a general shift in risk sensitivity.
But, according to the analyst, he said that until then, the truth of the matter was that money was going out faster than cryptocurrencies were in. He said this means that the market is dominated by a “traders' war game” in which traders compete with each other to make a profit rather than attract new money.
Deutscher's statements came when the BTC price was at $26,000 in a week when it was extremely flat following last week's decline.
*Not investment advice.
