An analysis has emerged suggesting that the Bitcoin (BTC) bull market will continue for the time being.
Adam, a macro researcher at the virtual asset analysis firm Grayscale, stated on X on the 8th, “As U.S. stocks like Tesla and Nvidia plummet, the virtual asset market is also experiencing significant adjustments,” adding, “Bitcoin’s price has fallen below $100,000 again, and investor sentiment has turned pessimistic.”
However, Adam emphasized that Bitcoin’s volatility is not high. He noted, “In terms of options data, Bitcoin’s short-term implied volatility (IV) has slightly rebounded but remains at a low level,” and added, “The main market view is that this adjustment is due to the strong dollar and the decline in U.S. stocks.” He continued, “The trend of Bitcoin has not changed, and the prevailing view is that the bull market is still ongoing.”
Meanwhile, as of 11:40 AM on this day, Bitcoin is trading at $97,050.34 on CoinMarketCap, down 4.74% from the previous day. Bitcoin had surpassed $102,000 the day before (7th).
