The analyst says that the worst period of the bear market is over

Even though there are no obvious bullish signals recorded in the digital asset market, the period of general capitulation has already passed, says the expert in macroeconomics Lyn Alden. In her opinion, the worst moment of the bearish trend in the BTC market ended along with the unstable first 6 months of this year, when bitcoin lost more than 55% of its value.

The analyst believes that the first crypto coin is able to recover, as the mass sale of BTC has stopped.

“When bitcoin was trading around $30,000, there were some indications that the bottom might have already been reached. At this point, it looks like the worst of the selloffs are the quick selloffs, and the liquidations are behind us,” Alden said.

However, she emphasized that the price of the main cryptocurrency is able to drop one step down, although it is currently in the “deep value zone”:

“Now, macroeconomically, there are still not many bullish catalysts, and I would not rule out further price movement down. But I do think that based on most of the ways in which bitcoin is valued and looking at its history, the first cryptocurrency now has a special value. I think investors should not rule out a further decline in value while the macroeconomic situation remains so uncertain,” the analyst said.

Alden also added that BTC is a reliable remedy for a certain type of inflation.

“There are different types of inflation. There is monetary, price. We have seen that, for the most part, bitcoin is very strongly correlated with the growth of the money supply, especially in dollars. Therefore, over the past couple of years, when we have received a huge increase in the money supply around the world, bitcoin has also achieved very good results, ”said the macroeconomics guru.

According to her, now the growth rate of the money supply is gradually declining, as regulators in different countries are trying to cope with inflation. And bitcoin is a protective tool against the monetary inflation that precedes the fall in prices.

The results of the latest MLIV Pulse survey of 950 investors showed that 60% of those surveyed believe that BTC is more likely to depreciate until it reaches the level of $10,000, rather than rise to $30,000. And 40% of respondents are confident in the growth of the main crypto coin.

What do you think about the prospects of the bitcoin market?