After falling below $54,000 with yesterday’s price drop, Bitcoin has once again started to appreciate and approached $56,000. While some altcoins such as XRP and DOT have made notable gains in the last 24 hours, BTC’s dominance has also increased. After this rise, Turkish economist Aysun Karaytuğ warned altcoin and Bitcoin investors.
Bitcoin and altcoin market turns green
The primary cryptocurrency hit over $50,000 on Oct. 5 and hasn’t looked back since. On the contrary, it was mainly on the offensive and cryptocoin.com As we reported, a few days ago, it reached $56,000 for the first time in roughly five months. However, breaking above this level proved more difficult than expected as the bears stopped the move and pushed BTC down. As a result, Bitcoin lost several thousand dollars and fell below $54,000.
However, the situation in the bustling cryptocurrency market has changed once again in the last 24 hours. Rather than dipping lower, BTC started gaining ground once again, reaching $56,000 just a few hours ago. Like last time, it failed to continue on the upside and pulled back several hundred dollars. Still, it’s still up more than 1.5 percent on the day and it’s pretty close to the critical $56,000 level.
Warning to investors from Aysun Karaytuğ: The painful process may begin in the second quarter of 2022
Although the gains in BTC and cryptos excite investors, regulatory concerns for these assets are increasing both in Turkey and in many countries around the world. Economist Aysun Karaytuğ also warned crypto investors due to the regulation in a TV show called Güne View. The economist said those in profit should vacate their positions like February or March.
Finally, the economist announced that profit sales may come in the next 10 days, but that he thinks that the rise may continue towards the end of the month, even until the December-January period. Stating that he thinks that his expectations for regulations can be realized in the first quarter of 2022 after the expected rise forecast, the economist stated that for this reason, investors can look to relax their positions in altcoins and BTCs during this period. Karaytuğ pointed out that from the second quarter of 2022 to the last quarter of 2022, a painful process may be seen in the crypto field due to regulations (and items such as volatility, risk premium).
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