BTC<\/a>) rally to fresh highs.<\/p>\nIn a new interview on the What Bitcoin Did podcast, pseudonymous analyst Checkmate says on-chain data suggests that BTC has seen a significant decline in sell-side pressure since April when people unloaded their holdings near all-time highs.<\/p>\n
But the analyst says Bitcoin is still having trouble sustaining its uptrend due to the absence of fresh demand.<\/p>\n
\u201cThe one that we saw in the ETF (exchange-traded fund) peak, about 30% of that was GBTC but not all of it. We saw a lot of people sell that peak. But at the same time, their spending has really backed off. <\/em><\/p>\nSo in many ways, the bulls should have less work to push us higher. However, we haven\u2019t gone higher. And that\u2019s why we have to be very, very conscious: in theory, we should be able to go higher much easier because there\u2019s less sell-side.<\/em><\/p>\nThe fact that we\u2019re not is telling us we just don\u2019t have that second wave of demand.\u201d<\/em><\/p>\nCheckmate predicts that Bitcoin will see lower levels to find investor interest before it can gather the momentum to kick off the next leg of its bull market.<\/p>\n
\u201cMarkets usually need a catalyst\u2026 What is the number one catalyst? Lower prices. Bitcoin goes down. Eventually, either it\u2019s a flash crash and people step in and buy it like in March 2020, which I\u2019m not saying is going to happen, or you get a bear market floor.<\/em><\/p>\nThe way to go up is to go down quite often and the market will look for any excuse it can find. Financial media will go out and find like, \u2018Look it was Mt. Gox, look it was Saylor\u2026\u2019<\/em><\/p>\nThey\u2019ll find some reason, but at the end of the day, we haven\u2019t had demand flowing in. We\u2019ve been chopping around doing nothing\u2026 At the end of the day, the market went lower because there wasn\u2019t enough to push us higher, and it\u2019s going down until it finds that marginal buyer.<\/em><\/p>\nThat\u2019s the way markets work: got to go down to go up.\u201d<\/em><\/p>\nAt time of writing, Bitcoin is worth $60,660.<\/p>\n