Is the crypto winter happening?

Experts from JP Morgan and DailyFX suspect that a crypto winter is imminent, but others like the legendary John Bollinger are still unsure.

Bitcoin’s correction from $ 62,000 to $ 30,000 looks scary. However, some analysts believe it could get worse … and if conditions stay the same, it is very likely.

The price has fallen sharply from $ 60,000, the appearance of the infamous Death Cross, bad news from China, and lack of demand from institutional investors seem to be banding together to maintain bearish sentiment over a frozen crypto winter.

Is the crypto winter coming?

In a statement published by the Wall Street Journal QuoteDailyFX analyst Peter Hanks said it is easy to see a red candle on the price chart in the short term.

“I think Bitcoin will definitely lose more here … If it falls below $ 30,000, crypto winter will return.”

Bitcoin bulls are currently holding at the $ 30,000 price line, although several bearish attempts have borne fruit and the price has slipped below this zone for a brief period. For now, however, $ 30,000 is consolidating as a strong level of support.

BTC / USD | Source: Tradingview

Other experts like JP Morgan analyst Nikolaos Panigirtzoglou have an interpretation that favors market sentiment rather than technical analysis. In a recent report, he suggested that Bitcoin has yet to win institutional trust so that there is not enough money flowing into the market.

“More than a month after the May 19th crypto crash, bitcoin funds continue to decline. Institutional investors who tend to invest through regulated vehicles such as listed bitcoin funds or CME bitcoin futures are not interested in buying BTC dips.

To have ability boom

However, not everyone is sure that this “sudden cold” will turn into a cold crypto winter.

For example, CEO Sam Bankman-Fried from the FTX exchange say Institutions seek to invest in cryptocurrencies; they are just waiting for the right moment or they don’t really understand the market.

“The first thing we do is just listen. Look what’s your goal here? What do you really wanna do And then we can say, okay, great, that’s how the industry works right now. Ignore what you said It should be so. […] We all want a big boom in the not too distant future. “

Another also indicated that the market has bottomed out, at least in the short term. This is John Bollinger, the creator of the famous technical indicator that bears his name.

In a recent interview, he talked about a potential low of around $ 30,000 and received a lot of support on Twitter.

John Bollinger tweet:

“I don’t know what to think, but I agreed to be with UpOnly. In any case, I’m ready, but I wonder if it’s you? Bitcoin has a potential low point, so at least there won’t be many dangerous pauses … “

Molly, director of marketing at HashKey Hub, also shared that an on-chain index could provide some light at the end of the tunnel. Never before have so many stablecoins entered the centralized exchanges (CEX) since Elon Musk announced that Tesla was buying bitcoin.

“Flow Stablecoins CEX reaches new highs. OFFERlast time, the river Stablecoins much so to stock exchanges when Telsa announced the purchase of Bitcoin. ”

If the good things repeat themselves, that money can be used to buy Bitcoin, adding further upward pressure.

It’s a long way from skipping winter to spring, but the wait is sure to be exciting.

Minh Anh

According to Cryptopotato

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page