Although the bears still control the market, the community hopes the 2022 crypto winter to end soon. According to Rayne Steinberg, nobody can predict the next move of cryptocurrencies, but he thinks the bottom is close.
In 2022, the crypto winter caused leading cryptocurrencies like Bitcoin (BTC), Ether (ETH), and Cardano (ADA) to lose bullish momentum. The capitalization of the overall crypto market also dropped from a high of USD 3 billion to below USD 1 billion.
While early adopters are already familiar with that volatility, new investors and traders are learning about it. Analysts have called that consecutive decline in the prices of crypto assets the crypto winter.
The crypto market capitalization is about USD 922.5 billion and has dropped by around 1.33% over the last 24 hours.
That indicates that the bears still control the crypto market as the community hopes the 2022 crypto winter to end. The macroeconomic events directly impacting the pioneering cryptocurrency are the primary factor leading to a lengthy crypto winter.
Over the last few months, several macro events have harmed the market, particularly US stocks. Since Bitcoin correlates with the S&P 500 index, it has dropped sharply, attracting other cryptocurrencies.
The CEO of Arc Investments Thinks the Crypto Winter Will End Soon
The current situation in the crypto market has attracted optimistic and pessimistic forecasts for Bitcoin. According to Jurrien Timmer, global macro-manager at Fidelity, the price of BTC will drop by nearly USD 16,000 if it maintains its correlation with stocks.
Rayne Steinberg believes it is almost impossible to predict the next move in the crypto market. Although the CEO of Arc Investments thinks the bottom is close, he said it is difficult to know when it will occur.
Bitcoin is trading at around USD 19,183 and has accumulated a 0.4% loss over the last 24 hours. If the price recovers the USD 20,000 level and holds it, the cryptocurrency rally might soon attract a bullish run.
Mike McGlone Believes Low Prices Precede a Significant Increase
According to Mike McGlone, the price of the pioneering cryptocurrency will rise to USD 100,000 if it trades at a discount. The senior commodity strategist from Bloomberg Intelligence supports Bitcoin as it still undergoes a bearish trend. He said he has faith it will eventually recover and exceed its previous highs.
McGlone estimates BTC is at its lowest price on a 100-200 week moving average (MA). That leads him to predict t it will trade at USD 100,000 within the next ten years. The expert thinks the ideal catalyst might be the growing adoption of the crypto asset.
The analyst recently said that the Federal Reserve (Fed) affects Bitcoin negatively, causing its price to plummet. However, he added that it would eventually fall into a bullish market before regaining its full glory.
He also points out that Bitcoin has only dropped after experiencing a significant move to the upside. The strategist considers the crypto asset is building a base of around USD 19,000, an opportunity to resume the 2018/19 pattern. At the time, BTC dropped to USD 3,000 after trading at USD 5,000.
By Alexander Salazar
