With these lines I do not intend to arouse a sterile and unfounded rhetoric about whether we are at the gates of a prolonged bear market, but I would like to know your impressions about the delicate scenario that the cryptocurrency market is going through.
While for most economic and financial experts, the cryptocurrency market will not escape a major global financial crisis that is just beginning to show its first symptoms of what may indeed be the worst crisis ever experienced by mankind.
It should be noted that in the words of economist Harry Dent, a prestigious analyst who has been inferring since the beginning of this year that the cryptocurrency market will remain in bearish scenarios in the short and medium term.
According to Dent, the immediate future of all financial markets will remain bearish, and on the other hand, he has also assured that the recent recovery margin will not be sustained over time, stating that this is not a correction, as it is the beginning of a prolonged bear market that may take Bitcoin to the $3,000 area.
The prolonged bear market that Dent predicts would affect stocks, gold and irremediably cryptocurrencies, and would probably end around 2024, as this renowned analyst considers that economies are weak and there is a bubble of everything from which cryptocurrencies will not escape.
I would like to know your views on this delicate subject.
SOURCES CONSULTED
Jordan Major Economist H. Dent predicts Bitcoin crash to $3k before shooting to ‘$500k in next global boom’. Link
OBSERVATION:
The cover image was designed by the author: @lupafilotaxia, incorporating image: Menafn
My answer is yes. We are definitely in the period of prolonged bear market. I am certain that it will take a lot of time for we to bounce out from this. I just hope it doesn't look like the 2017 season.
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Hello @tfame3865
It is sad, but certainly we have been several months already in this prolonged bearish zone, and even if we are living a sideways zone the price may continue to go down.
Best regards, be well.
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Hello @lupafilotaxia, With what you are describing in your post I am beginning to feel very fearful, I do not see myself going through such a prolonged crypto-crisis and with such a violent "low", just thinking about seeing the BTC close to 3K USD is terrifying, this would bring dire consequences for the world economy and there will be no way to prepare for this scenario.
I am sorry to suddenly change my optimistic attitude to this fearful countenance, but it is a potentially dangerous and undesirable scenario.
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Your post was upvoted and resteemed on @crypto.defrag
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Hi @crypto.defrag
Thanks again, for the constant support.
Best regards, be well.
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Dear @lupafilotaxia
I think we've been in prolonger bear market already. Since september last year. Give it another 3 months and it will be a year already ...
My personal view on current market condition is as follow:
Truth be told, I consider current crypto market to be super strong. And pretty much wiped out from so called "weak hands". Even horrible event as War between Russia and Ukraine (followed by global sanctions against Russia) didn't crash the market. It just brought it to 30k levels.
Now as awful and tragic news related to LUNA (which sold thousands of thousands of BTC in their attempt to protect UST peg) also only brought this market to around $30k levels. It seem that every BTC which goes beloww 30k is being "scooped up". And it's only harder and harder to bring enough fear and panic to push more people to sell.
Based on my limited experience: whenever we reach level of total fear, then we're near the bottom.
Cheers, Piotr
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Hi dear friend @crypto.piotr
Certainly the $30K zone has been behaving with a pretty solid support, and it may indeed be a new correction that will last a few months there, more however, the latent risk of further depreciation is part of the fear that abounds in the market, but as you rightly mention "every time we reach the total fear level, we are close to the bottom", is a good way to read the behavior of investors in the cryptocurrency market.
Best regards, be well.
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I don't quite agree with Dent on this. My point been that the crypto market was created for the purpose of decentralization. I think that people are selling because of the current panic. But I believe that we're near the end of that panic. When people feel no more fear to sell, then automatically buyers will start getting in. And price will turn back up again. This is my opinion on this. Informative read.
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Hi @creativeinsight
I would also like to think that we are close to the end of that panic, more however, I will not rule out any other scenario, remember the market will always go against where the masses are going.
Best regards, be well.
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I've heard and read sevral negative remarks during the last week or two, but I'm honestly not quite convinced that the bear could last till 2024. I could be wrong, but I don't imagine things will be that bad.
We might briefly visit the $20k level, but saying Bitcoin would go to $3000 seems quite extreme to me...
Thanks for sharing :) @lupafilotaxia
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Hi @qsyal
As I mentioned before the cryptocurrency market is much more speculative than any other financial market, and something we should keep in mind is that every price movement tends to run the graphical representation of the Gaussian bell and precisely that is what makes markets have healthy capitalization behaviors and Bitcoin has not shown to be the exception to these movements.
Best regards, be well.
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Hi @lupafilotaxia
The global situation of the economy is not going to improve in the short term, I feel that it will continue to sink even more, there is a lot of instability, I think that during the pandemic many bubbles were created, the USA are specialists making bubbles, and being this country the one that represents the main world power, it has a very strong impact on the whole world.
Cryptocurrencies, with an imminent regulation could go down even more, possibly some projects could even disappear, but there will not be an absolute fall, a BTC at 3000 I do not think you will see it again, but I'm not a fortune teller ha ha ha ha ha
The $30,000 has been a good place for the BTC price. I assume it will stay in that area for a while longer.
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Hi @josevas217
I understand what you are saying, but remember that the cryptocurrency market is much more speculative than any other financial market, and something we must keep in mind is that every price movement tends to execute the Gauss bell graphical representation and precisely that is what makes markets have healthy capitalization behaviors and Bitcoin has not shown to be the exception to these movements.
Best regards, be well.
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12 to 24 months. Then all will be better. Just have a lot of cash on hand…because recessions bring unemployment. I don't think BTC will get to $3K. I'm looking at around $10K to $15k.
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I must say that the analysis is quite scary, but bitcoin, being 3k will likely see the crypto market crash, and no one will ever want to invest in it anymore.
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