EMC Labs: The first massive sell-off in the bull market is coming to an end, setting the stage for the next phase of price gains

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2024/04/07 07:18

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According to ChainCatcher news, EMC Labs released a March report stating that investors began large-scale selling on February 26, causing the price of Bitcoin to fall. The sell-off was divided into two phases, with the price rising from $51,730.96 to $71,475.93 in the first half and falling to $60,771.74 in the second half. Overall, sellers locked in profits of nearly $63.1 billion.

The report believes that the selling force is weakening, indicating that the first wave of large-scale selling in the bull market is about to end, laying the foundation for the next stage of price increases. This wave of large-scale selling before the production cut cleared a large number of profit-making chips and raised the cost center of BTC, which will help to increase the price in the next stage. For long-term investors, they should be cautious and active. Go long.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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