Bitcoin demand is softening slightly. In this cycle, there have been three major demand waves, and the most recent one appears to be peaking and rolling over. Since early October, demand has remained below its trend, which makes this a phase where BTC price can face short-term headwinds. This is not a breakdown in fundamentals, but rather a pause in supply–demand dynamics. We are now in a phase of identifying where the next source of demand will emerge.
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