An analyst who uses the name Crypto King on Twitter and is widely followed in our country made an important post about Bitcoin and cryptos. The analyst gives a clear answer to those who say “cryptos are dead”. We commented on the analyst’s post. Let’s look at the details.
A closer look at Bitcoin and crypto market corrections
According to the analyst, the cryptocurrency market is no stranger to fluctuations. It also experiences significant changes in value over the years. He touches on some key data points to get an idea of his current situation.
The analyst points out that in 2018, the total market value of all cryptocurrencies, excluding Bitcoin (BTC) and Ethereum (ETH), was $28 billion. Fast forward to 2021 and that figure jumps to a staggering $1.1 trillion. However, there is a correction in the market in 2023. Accordingly, its total value is 325 billion dollars.
Interpreting the correction in Bitcoin and cryptos
Of course, this decline in Bitcoin and cryptocurrency markets increases concerns. However, according to the analyst, this situation should be seen as a healthy correction. It also reflects a necessary adjustment in a market undergoing rapid expansion.
The analyst also points out that at this point many of us enter the crypto space with the hope of amassing significant wealth with relatively small investments. According to the analyst, the period from 2018 to 2021 showed that this dream is achievable. However, it is crucial to acknowledge the risks associated with the quest for quick riches.
being in a bear market
During bear markets, it becomes difficult to predict which cryptocurrency projects will be successful. This unpredictability can lead to significant losses. The analyst gives the example of LUNA here. For this reason, he says that he does not invest in cryptocurrencies during bear market periods.
A prudent strategy in Bitcoin and cryptos is to wait for a clear uptrend before entering the market. While there is no definitive bottom, participating in an upward trajectory minimizes risk.
The road ahead
The analyst also asked, “When can we expect Bitcoin and cryptocurrencies to regain their momentum?” He also asks the question. In response, although the exact timing remains uncertain, it indicates that 2024 seems promising.
He states that the market may need to go through some more turbulence before entering a sustained upward trajectory. When we look at Kriptokoin.com, the analyst draws attention to the next bull run as a result. He states that Bitcoin and cryptos are very close. On the other hand, he emphasizes that it offers an opportunity for significant financial growth.
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