The crypto market may be closing in on the bottom of its current downturn, but analysts at Compass Point say it will take a broader risk-off event to push bitcoin BTC$79,061.70 significantly lower.
“While near-term risk remains skewed to the downside, we believe we’re approaching the final innings of the crypto bear market,” analysts Ed Engel and Michael Donovan wrote in a report Monday. “Further downside would likely require a U.S. equity bear market.”
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Their base case calls for bitcoin to bottom between $60,000 and $68,000, a zone where long-term holders have shown buying conviction in past cycles. “We see very strong support within this range and our base case assumes BTC bottoms near
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