Odaily News Ben Simpson, CEO of Collective Shift, said that Bitcoin's pullback from its January peak is a typical cyclical adjustment and is 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 by macro conditions, and global liquidity is not good for cryptocurrencies. Compared with 12 times in the previous cycle, this is only the third or fourth time Bitcoin has pulled back more than 25% in this cycle. The market is overheated and needs to cool down. The market needs to find a new foundation, and now we are waiting for the next new narrative."
Nick Forster, founder of Derive, holds a similar view, saying: "Bitcoin may be in a normal correction phase, and the peak of the cycle has not yet arrived. Historically, Bitcoin has experienced 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 increasingly tied to traditional markets. Simpson of Collective Shift said the next narrative may revolve around US interest rate cuts, easing of quantitative tightening and increased global liquidity. (Cointelegraph)