Crypto Firm Galaxy Says Bitcoin Will 'Climb the Wall of Worry' as Bull Market Continues
Cryptocurrency company Galaxy published a research note this week assessing the cryptocurrency drop on Tuesday, March 5, and what it means for the bull market.
In a note from the company's research team, they said BTC is “still not for newbies” after the leading cryptocurrency fell following the new all-time high earlier in the week.
“The decline was compounded by significant long-term liquidations: $400 million between 2 and 3 p.m. ET alone,” the analysts noted. “In the last 24 hours (as of 7 a.m. ET on Wednesday) there were over $800 million in long liquidations (and over $1 billion in total including short liquidations) on cryptocurrency futures exchanges” .
With Bitcoin hitting new all-time highs, Galaxy said volatility has returned and is likely to remain “as we scale the wall of worry.”
“Some ancient coins revived yesterday [March 5] and likely sell, possibly helping to create the intraday high,” the analysts said. “Blockchain data suggests that a large number of coins mined in 2010 came online yesterday and moved on-chain; We assume they were sales. Everyone has a price, and if this were a person and they were selling, they would probably wish they had sold in 2021 at these levels and would have decided to take
money off the table now that we're back.”
However, when the company evaluated data from Coin Days Destroyed, it noticed that old coins coming online tend to mark bullish peaks or desperate bottoms.
However, “make no mistake, we will climb a wall of worry as this bull market continues,” declared the analysts, who believe that bitcoin's rise “has only just begun.”
“Have conviction, save your coins if you can and enjoy the best game the markets have ever seen,” they concluded.
