Experts agreed that “everything is shaking” and suggested traders and investors wait for the macroeconomic situation to improve before financing projects. They argued that the latest cases of Celsius, KuCoin, Nexo, BlockFi, are just a few examples and that the bear market will continue.
In the last talk show of Cryptocapital of Capital Radio, led by Sergio Fernández (@Sergio_fdez_7), the panel of experts argued that Bitcoin (BTC) could continue to fall since the rebound “has no strength”, for which they suggested to the holders of the crypto ecosystem “not fall in love” with projects that promise high profitability and reconsider trading since investors need security to put their capital at risk.
In the last week, Bitcoin has fluctuated between $19,000 and $21,000. Some analysts have predicted that this final capitulation is yet to come, which could cause the price of Bitcoin to plummet to almost $13,000. This would equate to the drop in the last bear market, which was 82% from the all-time high. Bitcoin is currently trading at around 70% of its peak price.
The first quarter of 2022 ended with BTC losing 58% as the asset plummeted from $45,528 on April 1 to end the period at $19,098, according to CoinGecko. The unprecedented bear market continues to produce new lows in terms of statistics, and Bitcoin is now through its worst quarter in 11 years.
Talk Show Highlights
The host of the program, Sergio Fernández (@Sergio_fdez_7) expressed the following:
“Bitcoin continues its fall, more than 40% in the last few months. There are already several guests on the show who saw this latest fall coming, and even lost $20,000. There are many exchanges that are secretly insolvent, as the CEO of FTX said. They are having serious difficulties. Everything is shaking.”
For the panel of experts, the outlook for BTC is uncertain and it is complex to predict what is coming, since “the decline is not over” and stablecoins have served as a refuge for some investors, who are waiting for “positive signs” to enter the market, while the near future of cryptocurrency prices could be related to the decisions of the United States Federal Reserve.
“Unlike stocks, which are limited based on cash flow, in crypto it is not like that. There will be a value, but we don’t know what it is. We had seen this fall coming, but it never ceases to surprise how short time it took. It was a fast movement, and the descent has not ended. At some point the fall has to stop, it could be related to the reactions of the Fed, when there is a more advanced recession, there they would adopt a less aggressive monetary policy and that is where the bottom could come. It could be $14,000 or $8,000. It is random”.
Cryptocapital host delved into the current situation of the crypto market, while the Cryptocapital panel made the following recommendations to holders of non-fungible token (NFT) projects:
“You have to look for the utility and there are some that are worth it, and even give passive returns, it’s not just a JPG. You have to know how to search. There will be speculators and investors, and this is the time to get in. For the novice investor it could be difficult, but if you specialize, great, but it’s also a jungle. NFTs are very easy to create and promote by influencers. It’s been crazy. Monkeys and punks haven’t gone down that much.”
By Audy Castaneda