What do crypto experts think about the immediate prospects of the digital asset market?
After the depreciation of the two main cryptocurrencies in recent months, analysts record their sharp growth. Previously, the value of ETH and BTC were down over 50% from their all-time highs at the end of last year.
However, analysts, according to data for July, note that the cryptocurrency industry is gradually recovering: the price of bitcoin has increased by more than 30%, and ethereum by 70% since the market crash in June.
Is this a sign for investors that the major crypto coins have already passed the lowest price points of the current cycle? GlobalBlock analyst Marcus Sotiriou points out that the Fed is on track to tighten fiscal policy amid high inflation. Therefore, it is hardly possible to speak with confidence about the market reversal.
According to Scott Sheridan, CEO of brokerage firm Tastyworks, the stock market posted its best performance since 2020 this July and continues to rise. Based on these data, it can be said that cryptocurrencies are now benefiting from the growth of stocks. However, the expert is not sure that digital asset market participants have already seen the bottom.
Renowned crypto commentator Wendy O agrees that Bitcoin and Ethereum are not yet at their lowest levels in the current cycle. She believes the market will see “real bear market capitulation later” that could last one to two years.
“In previous bearish cycles, both cryptocurrencies have corrected by 85%. I expect Bitcoin to reach $10,000 and Ethereum to $750,” Wendy O.
And according to the COO of Green Crypto Processing, Ivona Gutovich, the BTC price may drop to $9,000–12,000. The expert stated that “an analysis of the behavior of the world’s first cryptocurrency, adjusted for halving, shows that the probability of a rise in the coin in August is extremely small.”
As for long-term forecasts regarding the behavior of bitcoin, earlier RAKIB Executive Director Alexander Brazhnikov noted that “next year everyone is waiting for an increase.”
“In April 2024, according to forecasts, bitcoin will start to grow and in the same year it will reach somewhere around $100,000. At least, this is shown by the entire history of the existence of cryptocurrency, which is currently happening in the world, ”he summed up.
Which of the predictions do you agree with?