Bitcoin [BTC] analyst says bears are not done yet because

The bottom might not be in, as an analyst opined that the bear market could last longer than projected There could be short-term respite due to the indication of a bullish crossover “Bitcoin BTC‘s bottom is close” has been the order of the day since the king coin traded at a price of $15,800.

Timeline of Bitcoin

Davinci Jeremie, an early crypto adopter and host of the davincij15 YouTube channel, predicts that Bitcoin's price will grow by ten times in the next bull run but warns it could plunge further before then.

On Sunday (27 November 2022), Marty Bent, who is the Founder of media company TFTC as well as a partner in Bitcoin-focused venture capital firm Ten31, said that “the ‘crypto' industry will be purged by a successful bitcoin industry.

Bitcoin price bounced off the $15,400 price level and staged a recovery over the past day. In the last 24 hours, BTC has been moving sideways after claiming the $16,000 price mark.

A leading analytics firm says that the Bitcoin (BTC) futures market is flashing a reading that has previously marked market bottoms. IntoTheBlock reveals that Bitcoin is witnessing steep backwardation, a condition where BTC futures contracts are priced significantly lower than the value of the king crypto in spot markets.

The total Bitcoin mining revenue — block rewards and transaction fees — in U.S. dollars fell down to $11.67 million, a number last seen on Nov. 2, 2020, when Bitcoin's trading price was around $13,500.

Bitcoin and the cryptocurrency industry in general are still coping with the pain brought about by the demise of the crypto trading platform FTX. Despite this, Robert Kiyosaki, author of the best-selling Rich Dad, Poor Dad, remains optimistic about the long-term viability of Bitcoin and Ethereum.

Cryptocurrencies like bitcoin and ether cannot be classified as securities or investment instruments, according to a communication issued by the financial watchdog in Belgium. The authority has tried to clarify the matter, noting that the digital coins may be subject to other regulations.

Financial advisory firm deVere Group CEO Nigel Green is optimistic that the crypto bear market is months away from coming to an end. Green says that the prices of Bitcoin (BTC) and other crypto assets will rise once inflation starts slowing down and the central banks begin loosening monetary policy.

Bitcoin's average dormancy witnessed a spike, which indicates higher selling pressure Bitcoin's volume and MVRV ratio continued to decline. According to a new CryptoQuant report by Wenry, Bitcoin's average dormancy had witnessed a spike.

A large amount of cryptocurrency kept in a wallet associated with crypto exchange Wex, successor of the infamous trading platform run by alleged money launderer Alexander Vinnik, has moved for the first time since 2017. The 10,000 bitcoins in question, worth over $165 million, have been transferred to new addresses in several transactions.