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In its fourth-quarter cryptocurrency market outlook report, Fidelity Digital Assets stated that it is still unclear whether the Bitcoin bear market has ended. Despite the recent <a href="https://xpertsstudio.com/bitcoin-ethereum-xrp-recovery-takes-a-breather-amid-capital-inflows/” title=”Bitcoin, Ethereum, XRP recovery takes a breather amid capital inflows”>recovery, the company indicated that more data is needed to say whether the market has completed the process of forming a new bottom.
According to Fidelity’s assessment, some investors are focusing on whether the ultimate bottom of the bear market will occur in November, in line with Bitcoin’s four-year market cycle theory. However, the company emphasized that there is no guarantee that price movements observed in past cycles will be repeated in the same way in the future.
The report also raised the possibility that Bitcoin may have hit its bottom in July. However, it was also stated that it is possible for BTC to form a new low in November or at a later date. Fidelity therefore argued that current market conditions should not be interpreted as a definitive transition to a bull market.
However, the company pointed to some positive indicators suggesting that the bottom of the Bitcoin market may be approaching. The fact that the Bitcoin price rose by more than 25% in just one week at the end of August was considered one of the significant developments indicating a strong market recovery.
Fidelity also stated that the continued expansion of on-chain activity is a positive signal for the Bitcoin market. The combination of increased on-chain activity and a strong price recovery supports the view that the market may be approaching a bottom.
Nevertheless, Fidelity maintains that it is still too early to definitively declare the bear market over.
*This is not investment advice.
Source: cryptonews.net