Rekt Capital, a cryptocurrency analyst, wrote in a May 8 article that, based on historical chart patterns, counterfeit products could bottom around the beginning of June, and counterfeit products were sold during the bitcoin halving. Counterfeit products bottomed out in early summer. The market for counterfeit products has been battered in the past month. The market value of counterfeit products, which excludes the top 10 cryptocurrencies, fell more than 21% last month to $265 billion.
Aurelie Barthere, principal research analyst at Nansen, said that despite seeing a potential local bottom, the bull market for counterfeit products first requires bitcoin prices to break through to the upside. Counterfeit products are high-beta cryptocurrencies, and they succeed when market sentiment is very optimistic. Since mid-March, sentiment among cryptocurrency investors has been less exuberant. With BTC prices consolidating near the 20-day exponential moving average (EMA), we need to break through this and definitely resume BTC's upward trend in order to outperform the broader market.
Analysts: counterfeit products may bottom around early June
2024-05-10 05:34:46
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