The current Bitcoin (BTC) correction could last until March or April before attempting to rally toward previous highs, according to Matrixport analysis.
Bitcoin fell below $80,000 on Feb. 27 for the first time in a week amid a broader market sell-off driven by escalating global trade tensions.
Three major US stock market indexes also suffered losses, with the Nasdaq 100 dropping 7.05% over the past five days, while the S&P 500 and the Dow Jones Industrial Average fell 1.33% each.
“Analyzing macroeconomic trends and central bank policies gives us a clear edge in forecasting Bitcoin’s price trajectory,” Matrixport wrote in its Feb. 28 research report.
“This type of analysis is only becoming more crucial, especially as Wall Street investors—who track these macro factors daily—are now actively participating in Bitcoin trading.”
Related: Bitcoin needs ‘to find real organic buyers’ to resume uptrend — VC
