Amid ongoing market fluctuations, Bitcoin has dropped 2% over the last 24 hours. This has led to noteworthy commentary from experts.
Bitwise CIO's Take on Bitcoin Cycles
Matt Hougan, the CIO of Bitwise, commented on the importance of long-term trends in the Bitcoin market, disputing the emphasis on the four-year cycle and halving event. He stated that the most significant trend is 'up and to the right'. Hougan emphasizes that instead of focusing on Bitcoin's exact cycles, analysts should concentrate on long-term price growth.
Support at $115,000
As of press time, Bitcoin is trading at $115,457.58, representing a 2.22% decline in the last 24 hours. During trading, the price oscillated between $114,061.73 and $118,868.42. Market participants are closely monitoring the $115,000 support level, hoping that bulls can defend it.
Market Amidst Volatility
The cryptocurrency market is under pressure due to fears of trade tariffs, which could trigger prolonged inflation in the U.S. The Federal Reserve's decision on interest rates is also impacting Bitcoin prices.
Matt Hougan's words highlight the importance for market participants to focus on long-term trends and broader adoption of Bitcoin, rather than short-term fluctuations and cycles.
