Cryptocurrency trader defies bull market definition of currency desk by CoinEdition


A cryptocurrency trader is defying the currency desk’s bull market definition
  • Analyst Jason Pizzino disagrees with the Coin Bureau’s definition of a “true bull market” as a retail bull market.
  • The Coin Bureau notes that the recent price action points to a bear market and suspects that BTC will decouple from the rest of the market.
  • Pizzino argues that altcoins do not need an initial rally; While the Coin Bureau highlights the relationship between BTC and stocks.

In a recent tweet, cryptocurrency trader Jason Bizzino addressed a video of the analyst labeled “Coin Bureau,” which disagrees with his definition of a “true bull market,” stating that it is more in line with a “retail bull market top.”

However, in a lengthy response, the Coin Bureau explained why it is “only cautiously optimistic” that the cryptocurrency is entering a new bull market phase.

Jason Pizzino believes that the current situation marks the beginning of a bull market after the bottom of the bear market. “The bull market starts from the bottom of the bear market; like what we are seeing from ATMs. The low of the current bear market cycle was in November 2022. However, there may still be more downside for cryptocurrencies, major altcoins, as well. I indicated in the video, showing a decrease.

In response, the Coin Bureau shared a picture of the total market cap of the cryptocurrency, indicating that the recent price action indicates a bear market rather than a bull market. They disagree with the idea that the bull market starts from the bottom of Bitcoin and believe that most cryptocurrencies still have room to go lower.

Meanwhile, Pizzino argued that altcoins need not initially rise due to too many fraudulent or failed projects. Altcoins usually track the performance of Bitcoin. Furthermore, Pezzino suggested analyzing the charts in order to better understand topics such as regulations, interest rates, and geopolitical issues. He also predicted that as long as stock markets and real estate cycles in the US remain bullish, Bitcoin will rise as a risky asset.

In their response, the Coin Bureau highlighted the importance of breadth in defining a bull market and expressed doubts that Bitcoin has decoupled from the rest of the crypto market. They point to the correlation between Bitcoin and stocks, suggesting that the recent stock market rally signals a bear market rally for Bitcoin as well.

The Coin Bureau expressed skepticism about bitcoin and cryptocurrencies being the go-to assets during the great global crash and discussed the potential impact of a drop in liquidity due to factors such as the debt ceiling. Additionally, Coin Bureau stated that regulations, interest rates, and geopolitics were not fully taken into account in the cryptocurrency market.

The definition of a bull market released by the Crypto Trader Challenges Coin Bureau first appeared in the issuance of coins.

See the original on CoinEdition


Source link

Related Posts