Analysts say that short-term BTC investors have not fully surrendered yet, and it is too early to judge a bear market.
TL;DR
Analysts note that short-term Bitcoin investors haven't fully surrendered yet, with current losses not reaching typical bear market levels. If new entrants profit, this could be a mid-cycle correction rather than a bear market start.
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On November 15th, CryptoQuant analyst Crazzy Blockk stated that the Bitcoin market is heavily influenced by the profitability of new entrants, who represent new capital and liquidity. When these investors profit, market confidence is strengthened, allowing the dynamic upward trend to continue. Conversely, when short-term holders face losses of 20%-40%, it often triggers panic selling.
Historically, this level of pain has signaled a complete market capitulation. However, given the current extent of losses suffered by this group, we are still far from typical bear market signals. If new entrants can achieve some profits, market support will gradually form, and this pullback is more likely to be a "mid-cycle correction" rather than the start of a bear market.