Analyst: The current consolidation period of Bitcoin may evolve into a medium-term bear market

ChainCatcher news, according to Blockworks, YouHodler's market director Ruslan Lienkha pointed out that last year's consolidation phase for Bitcoin lasted for several months (even up to half a year) before the next wave of increase. However, he believes the current market environment is more complex.

"The pessimism in the U.S. stock market is prevailing, and concerns about a potential economic recession in the U.S. are also intensifying," Lienkha said. "Given these factors, the current consolidation period may evolve into a mid-term bear market."

But Lienkha noted, "Although Bitcoin may potentially evolve into a safe-haven asset in the future, investors still view it as a high-risk asset at present, often reacting more dramatically to changes in market sentiment than traditional financial markets."