Does 2019 reflect current market conditions? IntoTheBlock provides insights

The current market situation has raised speculation among market participants about the short-term price situation in the property segment. Declining crypto adoption and a difficult macro environment have traders wondering if this is the start of a bear market or a quiet phase in this bull cycle.

According to Into Zeblock analysts, the current level in 2010 It mirrors the trend seen in 2019, which saw a prolonged consolidation after the area's high growth before the market cooled down and turned aggressive again. Although the market may be on the same path from 2019, IntoTheBlock believes that the current data tells a different story.

Macro environment situation

The crypto market started 2024 on a very optimistic note with Bitcoin exchange-traded funds (ETFs) in the United States and following a bull run following the fourth half, BTC is expected to hit an all-time high. Although BTC reached new highs in March and continued to rise until early June, the narrative has changed.

Investors are concerned that the broader financial market is on the brink of collapse, and the risk is weighing on assets, including crypto. The Federal Reserve is expected to cut rates soon, but Ento Zeblock said the positive effects of the move may take time. In the meantime, the macro landscape will continue to spread negative emotions.

Bitcoin price is currently under pressure and has no upward movement. With retail and institutional demand waning, the market is increasingly volatile and volatile. This weakened demand is evident in the flows Bitcoin ETFs have seen over the past week. The products snapped a long-running outflow that saw investors withdraw nearly $1 billion in eight days.

Stay open to opportunities

The decline in retail crypto interest can be seen in the slow flow of new users. Google search trends for “cryptocurrency” are at multi-year lows, and broader search topics show a trend away from bull market euphoria.

Ratings of crypto apps on mobile devices like Coinbase suggest that fewer people are engaging with the asset class.

On-chain metrics tell a similar story: there are few new Bitcoin addresses, enthusiasm is waning, and long-term holders are seeing their BTC balances hit new lows, a sign of a long-term cooling in history.

Although data from the past half-day suggests that this market move could be post-halving, Into Zeblock insists that there are no “clear-cut answers” and traders can only remain open to opportunities.