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BTC Fidelity Digital Assets: Whether the Bitcoin bear market is over remains unclear
In its fourth quarter cryptocurrency market outlook report, Fidelity Digital Assets said it was unclear whether the Bitcoin bear market has ended. Despite the recent recovery in the market, the company pointed out that more data is needed to confirm whether the market has completed the bottoming process.
Historical cycles cannot be simply replicated
According to Fidelity's assessment, some investors are concerned about whether the final bottom of the bear market will occur in November as scheduled, a view that is consistent with the theory of Bitcoin's four-year market cycle. However, the company emphasized that price movements observed in past cycles are no guarantee that they will be repeated in exactly the same way in the future.
Thereport also raised the possibility that a bottom for Bitcoin may have formed in July. But at the same time, it was pointed out that BTC may still hit a new low in November or later. Therefore, Fidelity believes that current market conditions should not be interpreted as a decisive signal for a transition to a bull market.
Positive signals suggest a bottom is approaching
Still, the company also pointed to some positive indicators that a bottom for the Bitcoin market may be approaching. In just one week at the end of August, bitcoin prices rose by more than 25%, which is seen as one of the important developments showing a strong recovery in the market.
Fidelity also said that the continued expansion of on-chain activity is a positive signal for the Bitcoin market. The combination of increased activity on the chain and strong rebound prices supports the view that the market may be approaching a bottom.
However, Fidelity insists that it is too early to say that the bear market is over.
