Cryptocurrency strategist: Bitcoin's trend may be difficult to predict
PANews reported on August 6 that 21Shares cryptocurrency strategist Matt Mena stated that Bitcoin's performance is difficult to predict given the random nature of short-term movements. He stated that cryptocurrencies react to major catalysts such as macroeconomic data, central bank decisions, and regulatory developments. However, Bitcoin also has "very technical characteristics," so chart levels play a significant role in its movements compared to traditional assets. Another factor to consider is that it trades 24/7 on a range of globally dispersed exchanges, each with varying levels of liquidity. This, combined with the increasing participation of algorithms and on-chain data signals, means that price movements can sometimes be driven by technical analysis, positioning, or automated strategies rather than fundamental news.
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