As Bitcoin BTC/USD witnesses a shake-up, Daan Crypto Trades remains optimistic about the long-term prospects.
What Happened: Daan, in a recent post, admitted to misjudging the stability of the $59,000-$74,000 range due to unforeseen market events. See below.
Between the Mt. Gox news and the selling activities by the U.S. and German governments, the crypto analyst expressed his realization that he should have paid more attention to the relative weakness in the weeks leading up to these events.
Despite the current market turbulence, Daan believes that the cycle has more to go into 2025 but stresses the need to clear the supply overhang.
Also, he revealed that he does not plan to touch his long-term holds and advised them to use this time to invest in projects they believe in for the long term.
Also Read: Bitcoin, Ethereum Decoupling From Tech Stocks Is Positive, Experts Claim
Why It Matters: Daan highlighted that these mid-cycle "bear markets" are something that is seen at some point in each cycle. He added that some are quick, and some take months. He noted that the bottoming process wherever it may be is likely to take some time.
At least one crypto trader agreed with Daan's prediction that a market bottom is likely to take a couple of weeks. He added that this is likely to be the final capitulation phase and after that the bull market returns.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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