How Long Will the Bitcoin and Altcoin Winter Last? Here are the Predictions!

Bitcoin, Ethereum, and other cryptocurrencies are suffering from a crypto winter that wiped out nearly $2 trillion from the market. Well, will winter be over soon? How long will it take? Here are the latest comments from some department experts…

Will the “winter” continue in Bitcoin and altcoins? As we have also reported, Bitcoin, which approached $ 70,000 late last year, has now collapsed to $ 20,000. The cryptocurrency has slumped in the face of the Fed’s significant interest rate, which is in the battle to curb inflation. Ethereum (ETH), which switched to the proof-of-stake consensus algorithm with the long-awaited Merge, also went down, contrary to the general intention that the update would trigger the rise.

So, will we see an uptrend anytime soon? A crypto influencer hypothesized that the crypto winter might not be resolved until 2024. “When I look at macro factors, I think the Fed will raise interest rates for another 12 to 18 months,” said Solana Labs co-founder Anatoly Yakovenko. Yakovenko also used the following terms:

But there is an end to this (interest rate hike). And just like the last bear market, many groups focused on the artifact market have resonated and tried to create truly extraordinary works – I think it has been successful in more than one very dramatic way.

Last winter lasted about three years

The last crypto winter lasted until late 2020, after Bitcoin price hit $20,000 in 2017. However, in this process, decentralized finance (DeFi) has gained strength, as well as Binance and FTX exchanges. In addition, third-generation Blockchain networks such as Ethereum rival Solana have emerged and grown. These areas and innovations caught the attention of many. For example, last month, former Google CEO and billionaire Eric Schmidt announced his support for DeFi. Bitcoin price dropped to local lows below $18,000 in June. But it has climbed a little since then. It has given the crypto community faith that there may be a short-term rally in the cards.

WeWay CEO: We can see $ 20,500-21,000 in the coming days

Fuad Fatullaev, CEO of Web3 ecosystem WeWay, said, “The current momentum could push the coin into the $20,500 to $21,000 range in the next few days. However, he noted that the prospects for this growth to continue in the medium term are unknown. Fatullaev used the following terms:

It’s a little difficult to pinpoint what’s fueling the current growth, which appears to be a natural buy-in momentum for the biggest cryptocurrency. However, investors and traders will need to keep in mind that the emerging asset class still has tremendous correlation with the broader financial market. There is still a lot of headwind in the financial markets.

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