Crypto Weather is Being Changed
Though, bear market is still actual and is not going to finish yet, the public is wondering about the end of the 2022 crypto winter. The 2022 crypto winter is being accompanied with macroeconomic crisis, which currently has a straight correlation with BTC (Bitcoin).
Yet, a lot of experts in the crypto world are being very optimistic about the end of the bear market in the near future. However, it is still very difficult to predict when the crypto winter is dying down. It may be in December, because, traditionally, December is a lucky month for cryptocurrencies.
During the last months, we have seen numerous unpleasant results from some macro events. Due BTC’s correlation, its price has lived a big downfall and the situation of its price remains stable. This makes it hard to make very accurate predictions about the bear market. In September, 2022, many professionals predicted Bitcoin to decrease by 20%, in the case if its correlation with S&P 500 will continue.
The end of crypto winter is not far
Today, it’s extremely hard to predict anything about the market’s situation in 2023. Yet, the CEO of Arca (digital asset investment company) Rayne Steinberg believes, that the crypto winter is at its peak, so it couldn’t be worse and it may start to improve soon. Though Rayne’s optimism, it’s still complicated to predict the end of
Crypto whales’ extensive BTC movements
The recent on chain activity offered that some of institutional investors withdrew Bitcoin in very big amount from Coinbase Pro. The statistics tells that the whales of cryptoworld took $48,000 BTC from their accounts, which is nearly valued at $940 million. It’s remarkable, that the larger part of this amount was long-term held fund.
Approximately 32,000 Bitcoin was kept for nearly 3-5 tears. In addition to it, crypto (especially BTC) whales have got the lowest supply only in 3 years.
Bitcoin is showing his best to remain in 19-20,000 USD range and owing to it, the issue of the crypto winter’s end stays highly actual. As of the statistics of October 19, 2022, Bitcoin’s price is valued at $19,146.