CandleFocus Bitcoin Facing Potential Capitulation Amid On-Chain Liquidity Squeeze, Analyst Says
2024-10-11
Author: Content Editor
Crypto analyst Cole Garner suggests that Bitcoin may be heading towards a capitulation phase due to tightening on-chain liquidity. However, Garner believes that this could be followed by a "full bull" market. Garner points to the recent economic stimulus injected by the Chinese central bank as a potential factor in the downturn. Despite these concerns, Garner notes that Bitcoin's market structure remains bullish, and even if it dips to range lows, the overall price action is still considered positive. Another analyst, Ali, echoes Garner's outlook and emphasizes that Bitcoin must overcome the $66,000 level for a bullish breakout. Bitcoin bulls are hopeful for interest rate cuts by the US Federal Reserve to fuel a new rally, but the asset must clear several hurdles to sustain its bullish momentum. Bitcoin's price is currently at $60,711, down 2.4% in the last 24 hours.
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