Many believe the crypto winter could last from two to three years, but the Bitcoin price will recover. Bitcoiners consider that this problem does not affect Bitcoin but also the economy in general.
The price of Bitcoin (BTC) has been in the doldrums over the last few weeks, causing great concern among investors. However, that situation has also been a discussion point within the Bitcoin community.
Concerning how long this market correction will continue, user Flyingjack123 opened a discussion in the Bitcoin Talk forum. He cited layoffs at various crypto asset service platforms like Coinbase, BlokFi, Gemini, and Bitmex due to the fall of BTC.
He also spoke about the controversy of Celsius, which suspended withdrawals and exchanges for its users for a week.
Regarding the above question, many users said what they think will happen to the price of Bitcoin and what may have influenced its drop.
The Community Discusses the Future of the Price of Bitcoin
User LogitechMouse acknowledged that it is hard to predict what will happen to the price of Bitcoin. However, the bitcoiner dared to forecast its recovery could happen within around 371 days.
He advised accumulating/buying BTC at the dip, keeping in mind that most profits arise in a bearish market.
Avikz, another debate participant, considers the current problem does not only affect Bitcoin since the stock market is also falling. In that regard, he pointed out that most of his stock portfolio was in the red.
He expressed that he did not care about invented theories as cryptocurrencies are here to stay with humanity. In addition, he highlighted that he is taking advantage to acquire more Bitcoin. He stated that the crypto winter usually lasts three years, but nobody knows how long exactly.
User Tjtonmoy also believes it is hard to predict the end of this crypto winter but suggests it could take several years. However, he trusts that the price of Bitcoin will rise again and stabilize.
Like Avikz, he recommends buying Bitcoin and forgetting about coins for three years. He said investors would find themselves in a better position when they check back.
Coolcoinz, another user, thinks that the price of Bitcoin dropped due to the panic caused by the collapse of Terra. He also believes that the increase in inflation in the United States made stocks and cryptocurrencies lose value.
The different members of the community agree that the crypto winter lasts for years, but the Bitcoin price will rise. They also say this is an excellent time to acquire more BTC at the dip. Furthermore, the numbers in red do not affect only Bitcoin but also the rest of the economy.
The US Federal Reserve (Fed) announcement of a 0.75% increase in interest rates, the highest since 1994, can confirm the third point. After that, the price of BTC fell back below the all-time highs reached in the previous cycle.
Bitcoin is trading at around USD 21,404 and has accumulated a 2.9% gain over the last 24 hours. While its daily trading volume is above USD 27.41 billion, its market capitalization is about USD 409.36 billion, according to CoinGecko.
By Alexander Salazar
