A crypto enthusiast said that the withdrawal of some projects from the digital asset market will give an opportunity for prosperity to those “who survived”
The head of Messari, Ryan Selkis, believes that the bearish trend will benefit the cryptocurrency industry. According to the CEO of the company, the departure of some projects frees up space for the prosperity of those “who survived.”
“Bear markets are good for getting the right people in the room. We wash away all the dead wood,” the expert noted.
Now the cyclical process has coincided with the creation of a regulatory framework. Its development over time can lead to a bull market, according to Selkis. He also noted the participation of employees of the CFTC and the US Department of Justice at the Messari Mainnet conference.
“These should be conversations. For the most part, people seem to be on the same page in terms of driving more constructive solutions, versus the proverbial hammer that’s looking for a nail,” added the founder of Messari.
And well-known crypto analyst Ton Weiss believes that bitcoin enthusiasts need to prepare for the fall of BTC — this will be “the last powerful decline before rising.” The analyst substantiated his forecast with a technical analysis.
According to Weiss, the value of the first crypto coin could probably fall to $15,000. Naturally, such a decline will also affect the price of other digital assets.
“I think surrender is quite possible as early as next week. The weekly candle looks terrible. Everything speaks for shorts. The MRI indicator on the monthly charts indicates a buy. However, on the weekly charts, it has been talking about selling for three weeks now. If bitcoin crashes to $14,000 or $15,000, that would be the perfect buy entry point,” the analyst said.
The Trend Reversal Indicator (MRI) is a fairly complex technical analysis marker. Usually, experienced traders and analysts resort to it, because the results of this indicator should be taken into account only in a comprehensive analysis of the market situation.
According to Coinmarketcap, over the past day, bitcoin has risen in price by about 5%. The price of BTC has exceeded $20,000.
Glassnode analysts noted that now short-term investors are fixing significant losses. But hodlers remain firm as various indicators indicate a “detoxification of the market cycle”