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Buy the Bitcoin Dip? Not Until Short-Term Holders Show Gains, Says Compass Point
Betting on Bitcoin before it reclaims the $98,000 mark might not be the best idea, following the asset’s recent downturn, according to analysts at investment bank Compass Point.
That’s the current average cost for short-term holders, who have held the digital asset for less than 155 days—and are typically sensitive to price swings—they wrote in a Wednesday note.
Last week, the price of Bitcoin climbed to a two-month high of $97,500. However, it failed to cross the threshold for short-term holders, the analysts wrote, bolstering fears that the digital asset’s price could be poised for a prolonged slide.
“One of the defining features of Bitcoin bear...