Cryptocurrency analyst Rekt Capital wrote in a May 8 article that, based on historical chart patterns, counterfeit products could reach the bottom of the range around the beginning of June. Due to the lack of sufficient new liquidity in Bitcoin ETFs in the United States and Hong Kong, Bitcoin could bottom in June. This suggests that the consolidation period may be extended.
Counterfeit products are high-beta cryptocurrencies that succeed when market sentiment is very positive. 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 will hit bottom in early June
2024-05-10 05:43:49
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