As crypto winter continues in cryptocurrencies, these 4 analysts commented. According to analysts, cryptocurrencies may continue to decline again. As Kriptokoin.com, we convey the opinions of the analysts to you.
Senior analyst says drops in cryptocurrencies will scare
Dan Dolev, senior analyst at Mizuho Americas, believes cryptocurrencies are now “dead” following the FTX crisis. His latest warning comes with the total crypto market dropping to $736 billion for a short period of time. It is also reported as the lowest figure since the beginning of 2021. About a year ago, the value of the crypto market was at a record $3 trillion. In May, Dolev explained in an interview that cryptocurrencies are not productive.
The analyst called the tokens a “waste of time”. In addition, Dolev also drew attention to the downward trend in the shares of the leading US crypto exchange Coinbase. COIN recently dropped to $40.61 level. He dropped nearly 90 percent off his ATH. The analyst predicts that investors will be “very, very scared.”
Centralized cryptocurrency exchanges were shaken by the bankruptcy of FTX. Coinbase tried to distance itself from disaster. But its shares were still hit by the crisis. Coinbase’s stock was recently listed at neutral by Bank of America. Dolev said that a Black Swan incident on behalf of rivals to the FTX crisis pointed to an “industry in decline”.
Wyckoff says BTC price has advantage in short term
Bitcoin (BTC) dropped to a two-year low at the start of the week. Then, the bulls managed to raise the price of the leading cryptocurrency. Despite the short-term recovery, the crypto market is still under the influence of FTX. Also, many crypto markets are facing correction. Kitco analyst Jim Wyckoff noted that Bitcoin bears still have a technical advantage.
However, he says the bulls need to do more for Bitcoin to bottom out:
Prices fell to their lowest level in two years on Monday. Besides that, the bulls have stabilized prices since then. BTC bears still generally have the short-term technical advantage. However, sideways activity has supported the bulls for most of this week. The bulls need a solid effort to suggest that the market bottom is in place.
Tom Lee: Not so different from what happened in 2018
In a recent interview, Fundstrat’s Tom Lee says the current crypto winter “isn’t all that different” from 2018. Lee thinks he’s built some of the best projects in the previous bear market. He also states that the ongoing cryptocurrency winter has cleaned up many bad projects. However, Lee admits that 2022 is a terrible year for the crypto market:
In 2022, no one could profit from cryptocurrencies.
The analyst said that for December 2022, BTC will be $ 200 thousand. The Fundstrat analyst at the time stated that this goal was “achievable.” He also predicted that 2022 would be a “good year”. However, the FTX crisis caused a state of fear and panic.
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