According to cryptocurrency analyst Yann Allemann, the crypto Market will hit its bottom in 2022, and three major cryptocurrencies, Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), have already reached their lowest point. Former ARK Invest executive Chris Burniske also believes that these coins are unlikely to hit new lows for the rest of the year. However, the crypto market as a whole has been experiencing a decline in recent weeks, with BTC losing 12%, ETH losing 10.4%, and SOL losing 15.7%.
Allemann warns of “Bottom vultures,” or those who expect prices to go even lower but have no intention of buying for the long term. He believes that while there may still be some dips in the market, the long-term upward trend will continue until 2024 or 2025.
Burniske, a partner at venture capital firm Placeholder, believes that decentralized finance (DeFi) played a crucial role in revitalizing the crypto market during the previous bear market. He suggests that a similar catalyst will be needed to lift BTC and altcoins out of the current bear cycle. Burniske cites the example of Friend.Tech (FT), a new web3 social app built on the Coinbase-powered Ethereum layer-2 Blockchain, as a potential catalyst for the next bull cycle.
Despite recent declines, there are indicators suggesting a potential revival for BTC. Allemann points out that BTC has shown signs of recovery after hitting a support level of $24.8k. However, there are also risk signals indicating potential consolidation, and market demand dynamics need to shift significantly to break out of this range. Traders and investors should be prepared for both bullish and stagnant phases in the BTC market.
In summary, the analyst believes that BTC, ETH, and SOL have already reached their bottom and are unlikely to hit new lows for the rest of the year. However, the overall crypto market has been experiencing a decline in recent weeks. A catalyst, possibly in the form of innovative projects like Friend.Tech, could trigger the next bull cycle. BTC has shown signs of recovery but may face consolidation if market demand dynamics do not shift significantly. Traders and investors should be adaptable in their strategies..
#Bottoms #Bitcoin #Altcoins
Allemann warns of “Bottom vultures,” or those who expect prices to go even lower but have no intention of buying for the long term. He believes that while there may still be some dips in the market, the long-term upward trend will continue until 2024 or 2025.
Burniske, a partner at venture capital firm Placeholder, believes that decentralized finance (DeFi) played a crucial role in revitalizing the crypto market during the previous bear market. He suggests that a similar catalyst will be needed to lift BTC and altcoins out of the current bear cycle. Burniske cites the example of Friend.Tech (FT), a new web3 social app built on the Coinbase-powered Ethereum layer-2 Blockchain, as a potential catalyst for the next bull cycle.
Despite recent declines, there are indicators suggesting a potential revival for BTC. Allemann points out that BTC has shown signs of recovery after hitting a support level of $24.8k. However, there are also risk signals indicating potential consolidation, and market demand dynamics need to shift significantly to break out of this range. Traders and investors should be prepared for both bullish and stagnant phases in the BTC market.
In summary, the analyst believes that BTC, ETH, and SOL have already reached their bottom and are unlikely to hit new lows for the rest of the year. However, the overall crypto market has been experiencing a decline in recent weeks. A catalyst, possibly in the form of innovative projects like Friend.Tech, could trigger the next bull cycle. BTC has shown signs of recovery but may face consolidation if market demand dynamics do not shift significantly. Traders and investors should be adaptable in their strategies..
#Bottoms #Bitcoin #Altcoins
