The activity on Coinbase, the largest exchange in the US by volume, reflects the current sentiment of American investors. Coinbase Premium acts as a significant indicator to gauge the interest of individual US investors in cryptocurrencies, and presently, the picture is far from promising. Analyst Michael Poppe remains focused on Arbitrum, while Fidelity’s perspective seems rather bleak.
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Fidelity’s Global Macro Director, Jurrien Timmer, suggests the arrival of bear markets, hinting at a journey toward $65,000 for Bitcoin
On October 6, Bitcoin’s peak of $126,000 aligned with previous cycles both in price and timing. Previous forecasts anticipated a peak around $120,000 in this cycle, considering year-on-year diminishing returns. However, during that period, the supportive political and market environments conducive to cryptocurrency advancements were absent.
Coinbase Premium briefly turned positive this month, instigating hopes but unfortunately reversed to negative, remaining in the red for over a week. This indicates American investors are more cautious and less enthusiastic about market conditions at large, painting a somewhat dismal picture.
When this metric is red, declines tend to accelerate with the US market opening, spiking sales pressure notably. As the holiday week approaches, the outlook remains grim.
Arbitrum (ARB)
Despite being one of the major layer2 solutions, the combination of inflationary tendencies and the lack of token utility has severely impacted ARB’s prices. While a robust TVL and network activity led many to anticipate substantial gains for ARB Coin, the outcomes were contrary.
Despite this, analyst Michael Poppe maintains a positive outlook and expects an upward trend for ARB.
“I remain cautiously optimistic about ARB. Fundamentally, there’s massive momentum and ongoing growth.
How?
The TVL is steadily climbing every year, DEX volume is accelerating, and active accounts alongside transaction numbers keep rising. From a technical standpoint, there’s a robust bullish divergence forming, indicating potential upward momentum. This upward trend has been taking shape since January 25th.”
