The Cryptocapital panel argued that Ethereum will not maintain its bullish streak for long.
In the last gathering of Capital Radio’s Cryptocapital, hosted by Sergio Fernández, analysts agreed that the Ethereum Fusion “lacks” the necessary strength to boost the price of Bitcoin, but on the contrary, the bear market and the ups and downs of BTC will make move back in price to ETH after The Merge.
Last week, the price of Bitcoin fluctuated between 19,500 and 22,500 dollars; however, after revealing that inflation in the United States stood at 8.3% in August, the price of BTC went from 22,645 to 20,300 dollars, a decline of more than 8.70% in less than 24 hours. ETH’s meltdown rally was not sustained as the cryptocurrency dropped from $1,743 to $1,565, a more than 5.60% crash on September 13.
The last Cryptocapital panel was made up of:
Arnau4Bet (@arnau4bet).
The Prince (@ElPrincipeAM).
Sergio (@RiderOnCrypto).
FranX73 (@FranEQUIS73).
The Program Host’s Starting Point
The host of the Capital Radio program, Sergio Fernández (@Sergio_fdez_7),
“I remember the Cardano update last year, there was an incredible hype and I remember the news came out and down, since then. If that happens with Ethereum, if it goes wrong or is not implemented well, the opposite could happen, it could be negative. The question remains whether the Fusion will work or not. However, the CEO of Pantera Capital mentioned that we are beginning to see the light, perhaps there are beginning to be signs of leaving the bear market.”
The hype for the Merger is such that the number of Ethereum wallets with more than 1,000 ETH increased to a maximum of 15 months days before The Merge. BeInCrypto reported that the last similar increase in the number of wallets occurred in May 2021. The increase in wallets corresponds with an increase in unique addresses, reported on September 4, 2022.
Experts agree that the Rest of the Year will be Bearish for BTC
Cryptocapital’s panel of experts emphasized that the current bear market and the next Bull run will be different from the past, it is not comparable, and that on this occasion, the main cryptocurrency has not had a drop of 85% as in previous years and agreed that the bear market will continue for the rest of the year, with brief rallies.
“I see it as difficult for the price to reach the $28,000 or $29,000 zone and cross it, but I see a lot of chances of going to these levels, which is a short zone, and to release and return to liquidity again. It is not possible to know if a bottom is or not until we see that the price crosses that zone of 28,000 dollars, we will enter an immediate bull run. My hypothesis is that the price from the last low of $17,000, hits the $28,000 zone, that’s where they’ll catch people and maybe go back to the $17,000 zone or the $14,000 zone.”
Bitcoin continues to generate opinions for and against, such as the one issued by the Nobel Prize in Economics, Eugene Fama, who argued that Bitcoin (BTC) would have value “if used as money”; however, it noted that its volatile nature diminishes its viability as a traded asset.
The also considered “father of modern finance”, considered that “the market has not realized that Bitcoin has no value” and that “they will probably carry out transactions with it and then quickly abandon it”, arguing their doubts about the biggest cryptocurrency of the world.
By Audy Castaneda
