While investors were waiting for the rise in Bitcoin and altcoins to continue after the rise and ATH in March, a positive report came from Bitfinex analysts.
Stating in the weekly Bitfinex Alpha report that the short-term selling pressure in Bitcoin and the market has slowed down, analysts hinted that a recovery in BTC may come earlier than expected.
Stating that there has been a sudden increase in the Stock Exchange Whale Ratio in recent weeks, which indicates that short-term investors are selling and making profits, analysts stated that this rate is slowly returning to normal and stabilizing.
Analysts said that this was a sign that the correction was prevented from continuing further and that the recovery could be rapid.
He stated that apart from the Stock Exchange Whale Ratio, the MVRV ratio also signals recovery and rise.
According to Bitfinex analysts, the MVRV rate has reached its local bottom and the selling pressure is decreasing.
“Additionally, short-term holders have an MVRV ratio of 0.96, a level that typically precedes a market recovery.
This situation shows that short-term investors' sales are approaching the point of exhaustion. “This means the recovery could be rapid.”
Finally, touching on Ethereum, analysts stated that the uncertainty regarding ETH ETFs is also reflected in the price and that it is difficult to predict which direction the price will move in the medium term.
*This is not investment advice.
