JP Morgan and DailyFX experts are talking about a possible bear market, but others like the legendary John Bollinger aren’t so sure yet.
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After Bitcoin slumped from $62,000 to $30,000, some analysts believe the situation could get worse… And if the conditions remain the same, they state that this is very likely.
The steep drop from $60,000, the arrival of the death cross, bad news from China and a lack of corporate appetite are keeping the markets downtrend and a brutal cold. ‘crypto winter’ (bear market) seems to be moving together to lay the foundation.
Is Crypto Winter Coming?
In a statement compiled by The Wall Street Journal, DailyFX analyst Peter Hanks said it may be easier to see red candles on price charts in the near future than green:
Bitcoin bulls were able to hold the $30,000 line even though the price briefly plunged below this zone. For now, $30,000 has solidified itself as strong support.
Other experts, such as JP Morgan analyst Nikolaos Panigirtzoglou, have an explanation that is closer to market sentiment analysis than technical indicators. In a recent report, he explains that from his point of view, Bitcoin has not yet gained the trust of institutions, so not enough money is flowing into the markets:
There’s Room for a New Explosion
But not everyone is sure that this negative atmosphere will turn into a crypto winter. For example, Sam Bankman-Fried, CEO of cryptocurrency exchange FTX, said that institutions are willing to invest in cryptocurrencies. According to him, institutions are just waiting for the right time or do not have a full understanding of the market.
Another person who thinks the markets are bottoming out, at least in the short term, is John Bollinger himself, the creator of the famous technical indicator that bears his name. In a recent interview, he talked about a potential bottom around $30,000, which gave him an avalanche of support on Twitter:
HashKey Hub Marketing Manager Molly also shared a statistic that may provide some light at the end of the tunnel. He tweeted that never since Elon Musk announced Tesla’s acquisition of Bitcoin so many stablecoins have entered centralized exchanges: