The crypto market has been in the doldrums ever since BTC prices fell drastically. This low point was on 13th June 2022. Market capitalization rose from over $865 billion and rose to $955 billion. This, at a point when investors started selling their BTC from multiple exchanges. Analysts are still convinced that BTC will slide further down in price.
Paralleling market activity and an upturn, BTC prices also started an upward trend. BTC prices started last week at $17,616 and rose to $21,247 a record increase of 20%, after going down for a long time. Though many investors are selling off their BTC holdings, the outlook hedge funds are taking on crypto is bullish. It seems like analysts still believe in the value of BTC, even though many blockchain companies and coins will not survive. Crypto execs from larger companies say that those that offer value will still be around and worth more.
It is evident that the bear market will be around for a while and it is a good thing, according to Web3 CEO. He thinks that the bear market will ensure that people who got into this market for the wrong reasons will exit. Another commodity strategist thinks that BTC coin prices will be at the $100K level by 2025. BTC is considered a reality for the long-term and it will probably solve inequalities in income via ownership. Overall, investors and markets are breathing slightly easier thanks to an uptick and the slight settling in market activity.