Fidelity Says Bitcoin Bear Market Still Uncertain
Fidelity Digital Assets has released its fourth-quarter cryptocurrency market outlook report, and it's not calling for a bull run just yet.
The report states that it is unclear whether the Bitcoin bear market has ended, despite recent price recovery. Fidelity points out that more data is needed to confirm if the market has formed a new bottom.
Some investors are looking at November as a potential turning point in line with Bitcoin's four-year market cycle theory, which suggests that the ultimate bottom may occur in this timeframe. However, Fidelity warns that there is no guarantee that past cycles will repeat themselves.
The report also notes that Bitcoin may have hit its bottom in July, but it's possible for a new low to be formed in November or later.
Despite these uncertainties, the report does highlight some positive indicators. The 25% price increase of Bitcoin over one week at the end of August is seen as a significant development, and the continued expansion of on-chain activity is also viewed as a positive signal.