Analyst: Bitcoin is only experiencing a "normal adjustment" and the market is waiting for the next narrative

Odaily Planet Daily News Collective Shift CEO Ben Simpson said that Bitcoin's pullback from its January peak is a typical cyclical adjustment, not abnormal, and the price top has not yet arrived. Simpson said: "I don't think the bull market is over yet; I think the peak of the cycle has been delayed due to macro conditions, and global liquidity is poor, which is not good for cryptocurrencies. Compared with the 12 times in the previous cycle, this is only the third or fourth time Bitcoin has pulled back by more than 25% in this cycle. The market is overheated and needs to cool down. The market needs to find a new foundation. Now we are waiting for the next new narrative." Derive founder Nick Forster holds a similar view. He said: "Bitcoin may be in a normal correction stage, and the peak of the cycle has not yet arrived. Historically, Bitcoin will experience this type of correction during its long-term rise, and there is no reason to think that this time will be different." Forster added that Bitcoin's fate in the next six months seems to be increasingly linked to traditional markets. Simpson of Collective Shift said that the next narrative may revolve around US interest rate cuts, quantitative tightening easing, and increased global liquidity. (Cointelegraph)