Altcoins

More Pain Ahead For Bitcoin! Crypto Bear Market Will Continue For Long

Written by: Nidhi Kolhapur

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Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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Jul 12, 2022

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Bitcoin and other altcoins have once more suffered a reversal as they trade in the negative after what appeared to be a relief rally. There has been a strong bearish sentiment in recent weeks, and it is still possible that the bad scenario may still continue in the near future.

The king coin, which hit the $22,000 mark in the last two days, is now trading slightly above the significant $20,000 level. The altcoins too have followed BTCs suit as the majority of the top 10 coins are trading in the red. Experts are predicting that there is more pain ahead for the stocks as well as cryptos.

Will the market Continue To be Bearish?

One of the experts is Meltem Demirors, the chief strategy officer at CoinShares, a $5 billion crypto asset management company, who stated in an interview with CNBC’s Squawk Box on July 11 that her organization believes “we are going to stay where we are for a while.”

Demirors predicts that several markets will see difficulty since there is an absence of upward catalysts in the face of other adverse major variables. As she stated,

“There are no near-term upside catalysts. We have yet to see Bitcoin in a recession. Arguably, are we in a recession? We don’t know, but with what’s going on in the Eurozone, around the world, and in the United States, the Fed hiking rates and cutting back on their open-market activities, certainly expect more pain ahead for tech stocks, growth, and also crypto.”

Finally, she concluded by saying, “we haven’t yet seen the full impact of that because most of the companies in this industry are not publicly listed, so we don’t get that transparency we normally see.”

Wall Street investors, meanwhile, are typically pessimistic about Bitcoin (BTC), believing that its value will decline dramatically and that it is more likely to hit $10,000 – which would cut it by almost half – than rising to $30,000 in the future.

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Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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