Bitcoin Price Weakness Due to Lack of Demand, Says CryptoQuant Analyst
CryptoNewsTerminal Staff05 Sep, 2024
Bitcoin Price Weakness Due to Lack of Demand, Says CryptoQuant Analyst
CryptoQuant lead analyst, Julio Moreno, has analyzed that the recent weakness in Bitcoin's price is simply due to the lack of increase in demand. All valuation metrics suggest that the cryptocurrency is currently in a weak position. Moreno also discussed the sustainability of the current Bitcoin bull cycle, saying that nobody can say for sure. "We just analyze and follow the demand and other metrics. Seasonally Q4 should be positive, but depending on the overall macro and market situation, the price might react differently." This analysis provides valuable insights into the current state of the Bitcoin market and the factors that are influencing its price.
