Financial analyst Beth Kindig on Monday cited an I/O Fund analysis that projected Bitcoin’s (CRYPTO: BTC) long-term price target at $2 million, despite a weak near-term outlook.
Still No Conclusive Bottom Signal?
Kindig said in an X post that although calls for a Bitcoin bottom are becoming more frequent, several signals indicate the bear market may not yet be over.
The I/O fund analysis found that Bitcoin’s aggregate volume has dropped to its lowest level in two years, indicating a lack of buying interest near the recent low.
The analysis found similarities to the 2022 bear market, marked by sharp vertical declines followed by messy and overlapping bounces.
