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Bitcoin markets saw a modest boost post a Grayscale legal victory, but the overall crypto environment remains subdued. Analysts view the coming months as a prolonged accumulation phase. Despite the recent legal win in the crypto sector, market consolidation persists. surged $2,000 after Grayscale’s legal victory yet fell short of reclaiming $29,000 as new resistance. Analyst ‘PlanB’ noted similarities to past cycles, with Bitcoin around its two-year realized price. The two-year realized price reflects coins’ recent transaction values, akin to the market’s total BTC purchase price. An analyst named “IncomeSharks” agreed, suggesting ample time for BTC accumulation before 2024 and anticipating a local bottom around October. A predicted price pullback might lead to consolidation around $25,000 to $26,000 for months. CryptoQuant analysts the recent BTC rally driven by derivatives exchanges, indicating limited retail activity on spot markets. BTC’s spot prices retreated from a peak of $28,000, currently trading at $27,427, down 2%. Despite positive legal news, BTC’s value dropped 6% in two weeks. The prevailing sentiment suggests an extended “crypto winter” phase.
Read more: coinspress
