Analyst says crypto must face ‘flushout’ before next rally
Crypto markets have been under pressure since early November, with Bitcoin (BTC) and Ether (ETH) sliding amid profit-taking and macroeconomic uncertainty. Just a day ago, Bitcoin momentarily slid below $100,000 mark and was exchanging hands at $102,514 at the time of writing, down 1.1% in a day.
Its peers were in the same boat. Ethereum (ETH) was down around 4.5% in a day, trading at $3,340.44, while Solana (SOL) was trading 1.8% lower, exchanging at $158.15.
The crypto market may be approaching the final phase of a retail “flushout,” according to Bitwise Chief Investment Officer Matt Hougan.
Speaking in a Nov. 4 interview on CNBC Crypto, Hougan described current conditions as “a tale of two markets.”
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