During the family session, the most popular cryptocurrency totaled over 23.8 thousand. Hole. By comparison, in early July, Bitcoin marks the end of the current bear market below 19,000. Hole. Investor demand eased slightly on Wednesday afternoon, but it should be noted that the price of bitcoin rose by around 20% in just five days.
The situation is even better for smaller tokens. Ethereum is up by over 40% in five days, and Solana is up by nearly 30%. As a result, the Bloomberg Galaxy Crypto Index, which tracks the price movements of some of the major cryptocurrencies, reached its highest level since June 10.
The Crypto Fear & Greed Index is a good reflection of the mood in the cryptocurrency market. This index started showing concern on Wednesday and has been showing extreme anxiety for the past 73 days.
“I think the worst has already happened,” said Mike Novogratz, president of Galaxy Digital, quoted by Bloomberg. Novogratz reiterates that he is still sticking to his five-year bitcoin forecast, which he says will bounce back to 500,000. Hole.
Some enthusiasts predict that Bitcoin will recoup this year’s losses once the Fed tightening cycle ends. Thereafter, we will have a strong uptrend. We are now in an accumulation zone, ”said Eric Peters, founder of One River Asset Management.
For his part, Yuya Hasegawa, a cryptocurrency market analyst at Bitbank, acknowledges that the market needs a little more confidence in the Fed’s slowing rate hike. However, the near-term outlook for Bitcoin is normal. Its price can go up to 29,000. Hole. Hasegawa says.
A temporary resurgence in cryptocurrencies could be an argument in favor of the industry’s biggest supporters. However, experts warn that this relatively trendy market is likely to remain volatile for the foreseeable future.
We will see long-term growth in the digital assets sector, but I wouldn’t get too excited, “said Joel Krueger, market strategist at LMAX Group. He added that this is still an emerging market.
Other analysts are still unsure how sustainable the recovery can be.
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This is not necessarily the end of the cryptocurrency crash, but of the bitcoin bailout package that has already ended, said Anthony Trenchev, president of Crypto Nexo.