The analytics arm of cryptocurrency exchange Binance, Binance Research has claimed in its latest research report published on April 11, that Bitcoin (BTC) prices and altcoin prices could have already hit their lowest point.
The inference
Looking into the historical behavior of the tokens, such periods often leas to trend reversals. The 90 days to mid-March incorporated Bitcoin’s drop from $6,500 to around $3,100, leading Binance to suggest that following the end of the record correlation period, the markets could now rebound. The report stated:
The latest research bulletin also shed light over cryptocurrency’s investor makeup, i.e. institutional investors control around 7% of the supply. As per Binance, the percentage is roughly equal to one-thirteenth of the institutional control of the United States stock market.
“The main takeaway is […] further evidence the bear market for Bitcoin likely ended at $3,000.”
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