The decline in Bitcoin (BTC) and the cryptocurrency market has deepened in recent days. While expectations of further declines in Bitcoin are growing, one analyst said that the recent decline in BTC is not a trend reversal but a healthy correction.
Ryan McMillin, Chief Investment Officer (CIO) of MerkleTree Capital, said that the recent drop in Bitcoin’s price is a temporary adjustment within the current cycle.
Speaking to Cointelegraph at The Bridge conference in New York, Ryan McMillin stated that the decline was not caused by a single event but rather a combination of factors.
McMillin identified three primary reasons for the recent decline: “Significant profit-taking by long-term investors, net outflows in spot Bitcoin ETFs, and heightened global macroeconomic risks.”
McMillin noted that the current market structure is significantly different from the past, with liquidity from ETFs and institutional investors absorbing a significant portion of the sell-off compared to previous cycles.
Therefore, McMillin stated that the recent decline was not a trend change and said:
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/is-the-situation-so-bad-for-bitcoin-has-the-trend-changed-the-famous-name-who-manages-billions-of-dollars-answered/
