Bitcoin and the entire cryptocurrency market are in double-digit losses, with many altcoins turning red as the $38,000 support is broken. Is this the end of the market? The start of a bear market? In his latest Youtube post, crypto analyst and entrepreneur Joe Parys updated some of the good and bad news. Analyst’s expectations cryptocoin.com compiled for our readers.
Bad news for bitcoin and altcoin market
The bad news is the market-wide double-digit losses. Compared to last week, Bitcoin lost 18%, Ethereum 27%, Cardano 24% and Solana 35%. Bitcoin is falling hard and barely protecting the 34 thousand dollar region. According to the analyst, if 30 thousand dollars are broken, the next supports are 25 thousand, 20 thousand and then 10 thousand. There are two main reasons that trigger this:
- Reason 1: The Bank of Russia is proposing a general ban on crypto mining and trading, and the price has dropped to the most oversold level seen in the RSI since the 2020 crash.
- Reason 2: SEC rejects MicroStrategies’ accounting for Bitcoin. MicroStrategy is one of the largest holders of Bitcoin. But the SEC isn’t happy with how they’re reporting their gains and losses with Bitcoin.
Good news
As for the good news, most analysts agree that the market will bounce back. As it has been before, the decline may take a long time. When the market moves away from ATH levels, it is seen as an opportunity. Even now, many metaverse and NFT-focused altcoin projects offer the chance to become early investors. Analyst Joe Parys says in his own words:
It sounds crazy to say this now, but there’s always luck in the long run. I believe we could potentially see $100,000 worth of Bitcoin by the end of this year.
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