Vaneck analyst: Bitcoin drops over 10% while Ethereum remains strong, first occurrence since 2021, signaling an overall bearish outlook for the market
ChainCatcher News, on August 27, according to Vaneck analyst @matthew_sigel, BTC has recently dropped by more than 10%, while ETH has not. This market pattern is the first occurrence since 2021.
According to statistics, since 2020, this scenario has only happened 52 times. Based on historical data, after this situation: BTC: median decline of 2.8% within the next 7 days, median decline of 15.6% within 30 days; ETH: +6.4% (7 days), -8.4% (30 days).
@matthew_sigel therefore stated that this is an overall bearish signal for cryptocurrencies. ETH has a buffering effect in the short term, but both have a tendency to reverse.
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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