Home » Cryptocurrency Price Trends Speak in Favor of End of Bear Market

Cryptocurrency Price Trends Speak in Favor of End of Bear Market

Bitcoin and altcoin prices show the end of bear market trend — cryptomarket has already bottomed out, according to the latest Binance research.
news - Cryptocurrency Price Trends Speak in Favor of End of Bear Market

Bitcoin and altcoin prices show the end of bear market trend — cryptomarket has already bottomed out, according to the latest Binance research.

Correlation between Bitcoin and altcoin prices, data from 2014-2019 confirming that the 90 days to mid-March represented the longest period of high correlation in market history. According to historical behavior, such periods tend to trigger trend reversals.

The 3 month to mid-March demonstrated Bitcoin’s drop from $6,500 to around $3,100, allowing Binance to predict that markets could now rebound following the end of the record correlation period.

“Having emerged from a period of the highest internal correlations in crypto history, the data may support the notion that the cryptomarket has already bottomed out,” the exchange summarized.

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As a reminder, Binance had previously keep tabs on the correlation between Bitcoin and altcoin prices, concluding altcoins were becoming less correlated with Bitcoin but more so against USD.

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