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Checkmate, senior analyst at on-chain analytics firm Glassnode, expected that a deeper decline could ultimately be the catalyst that pushes the Bitcoin (BTC) rally to new highs.
According to daily issues on the 30th (local time), anonymous crypto analyst Checkmate said in a new interview on the 'What Bitcoin Did' podcast that according to on-chain data, investors were close to all-time highs in April. He said that after selling off his holdings, selling pressure on BTC has decreased significantly.
However, he said Bitcoin is still struggling to maintain its upward trend due to the lack of a 'second wave of demand'.
"Ultimately, the market fell because there wasn't enough demand to go up, and it's going down until it finds marginal buyers," Checkmate said. It was predicted that the level would show.
Previously, Checkmate said through “There may be a slow and steady step-up rise rather than the parabola you think,” he said. “A parabola falls by a large amount even when it goes down, whereas a step-up rise leads to heaven.”
