They write that until BTC is able to sustain a run past $4,000, the price will keep coming under pressure.
“Technical gauges signaling long-term buying demand for Bitcoin are deteriorating, potentially showing that selling pressures could intensify,” they write.
The famous publication continues and explains that “After logging its first positive returns in seven months during February and rising off its 52-week lows, Bitcoin’s Moving Average Convergence Divergence indicator has been steadily falling since mid-February.”
Crypto Intelligence analyst Mike McGlone said that the industry would be resuming a path to lower prices, as reported by The Daily Hodl.
eToro believes that crypto winter is over
On the other hand, Mati Greenspan, eToro analyst, said that the crypto market is slowly but definitely approaching the end of this really long crypto winter.
“As we approach the culmination of the crypto winter, we’re actually seeing some of the altcoins delivering spectacular gains in the last few weeks. We are now in what industry insiders like to call alt-season,” he says.
Optimistic Bitcoin predictions
If you recall, Tron’s founder Justin Sun also said that he is confident that BTC has already hit a bottom and things will go for the better from now on.