Fast Take
In keeping with information gathered by Newhedge over the previous 5,024 days, courting again to 2010, Bitcoin has been worthwhile for a formidable 4,947 days. Which means the digital asset has solely skilled 77 days of being unprofitable, equating to a 98.5% profitability fee. Regardless of the latest bearish sentiment available in the market, Bitcoin continues to commerce at round $63,000, with solely transient intervals in April and November 2021, and from Feb. 28 to April 17, it has been extra worthwhile.
The bearish sentiment surrounding Bitcoin might be attributed to a number of components, together with the upcoming halving occasion and the digital property’s tendency to expertise unfavorable worth efficiency earlier than the halving. Moreover, ETF inflows have began to dry up and even flip unfavorable. Whereas potential battle within the Center East stays a priority, the latest drop in Brent Crude Oil costs from $92 to $87 means that the worst could also be behind us.
In a optimistic flip of occasions, Bitcoin funding charges have flipped again to optimistic after being unfavorable over the weekend. Traditionally, this has been a very good contrarian indicator for marking bottoms in cycles.
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