Bitcoin (BTC)’s bearish start to November is not necessarily the end of a bull market. LMAX strategist Joel Krueger says Bitcoin prices could rebound after a six-year bearish close in October.
Krueger noted that the ongoing decline in Bitcoin prices is likely a pause, not a reversal. Additionally, Krueger noted that Bitcoin has been accumulating solid fundamentals amid a historically bullish fourth quarter.
Why is Krueger bullish on Bitcoin price when whale demand is low?
Bitcoin price slumps due to weak demand from whale investors
Bitcoin prices have been volatile amid growing concerns that the cryptocurrency will fall further after a bearish closing price in October. Bitcoin prices fell in October for the first time in six years.
Medium-term bearish sentiment is exaggerated by weak demand from investors. For example, CryptoQuant’s on-chain data analysis shows that long-term holders have offloaded over 400,000 BTC in the past 30 days.
Meanwhile, Bitcoin investment products recorded a net cash outflow of $946 million last week, according to CoinShares’ weekly report.
Technical tailwinds blow amidst strong fundamentals
Macro BTC price upward trend remains strong
From a technical analysis perspective, the BTC/USD pair is retesting the rising logarithmic support trend line. On a weekly time frame, the BTC/USD pair has not experienced the euphoria of previous bull markets since the bear market reversal.
So, as long as the BTC/USD pair stays above the weekly rising logarithmic support trend line, it is very likely that it will reverse towards new all-time highs by the end of this year.
Cumulative basics to consider
The Bitcoin market has accumulated solid fundamentals over the last year amidst a volatile consolidation. For example, this flagship coin has been adopted as a financial management tool by dozens of companies led by Michael Saylor’s strategy.
Bitcoin’s mainstream adoption has been strengthened by supportive regulatory frameworks in several major jurisdictions, led by the United States.
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