Sharp Traders Watch Falling Crypto Revenues and Their Impact on Bitcoin

👇1-14) In our October 28, 2022 report, we were notably bullish on Bitcoin, predicting a surge to $63,160 ahead of the 2024 halving — a forecast that closely matched the actual high of $63,491. On January 13, 2023, we were among the first to signal the start of a new Bitcoin bull market. However, since March 2024, our stance has shifted to a more cautious outlook. There is little doubt that Bitcoin has entered a bear market, as indicated by technical analysis, on-chain fundamentals, and market sentiment.

👇2-14) While we remain optimistic about digital assets' mid- to long-term prospects, the current evidence calls for caution. Although the market experienced near V-shaped rebounds following dips in early May, early July, and early August, the underlying market structure and fundamentals have progressively weakened. As a result, each dip has become deeper, and the subsequent recoveries have been more subdued. The latest end-of-month data indicates that we may be nearing a critical tipping point in September, marked by a decline in demand.

Solana revenues have seen a material change, SOL-USDT still high

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