Bitcoin is holding up better than expected in the current market, according to economist Thomas Perfumo. He points out that this period coincides with the 12-month mark post-Bitcoin halving, which historically corresponds to market peaks. Despite the overall uncertainty in the macro environment, there is evidence suggesting that the crypto market may be breaking free from its cyclical behavior. Perfumo notes that Bitcoin has two key advantages: its historical status as a store of value and its greater connection to traditional capital flows through ETFs. He warns, however, that additional pullbacks in Bitcoin's price could negatively affect altcoins, which are more volatile. Currently, investors seem hesitant to invest further as there is a lack of demand catalysts for altcoins. Overall, while the tone remains cautiously optimistic, the landscape is subject to rapid change. Investors are advised to proceed with caution as the industry continues to navigate these risks and uncertainties.

Source 🔗