According to the head of a blockchain firm, crypto winter has arrived and might continue for over a year
Cryptocurrency market corrections have ushered in a ‘winter season’ that might last more than a year, according to Delta Blockchain Fund founder Kavita Gupta.
The crypto winter, according to Gupta, is comparable to prior market swings, particularly when Bitcoin reached a new all-time high, as he said in an interview with Bloomberg Technology
Gupta predicts that Bitcoin will fall below $14,000 in the next months as it attempts to stabilise around the $30,000 mark, underscoring the importance of the upcoming winter season. She predicted that Ethereum’s price will follow suit.
“I believe the crypto winter has just begun….>” We plan to remain in this location for at least one and a half years. For the next year and a half, I don’t think Bitcoin will return to $45,000, $50,000, or $60,000 per coin. <…> I’m amazed that so many people think Bitcoin will remain around the $30,000 range for the foreseeable future. It’s likely to drop to between $14,000 and $12,000, according to Gupta.
It was predicted by Gupta that Bitcoin will continue to rise despite the crypto cold. She thinks that the downturn in the market will lead to a new all-time high in Bitcoin acceptance.
A second high is more likely, according to Gupta, as corporations continue to include Bitcoin in their financial statements.
The CEO said that the market had been shocked by the TerraUSD meltdown, but that it would have an impact on the future direction of stablecoins. There is a belief that stablecoins, like Terra, will be pegged to another cryptocurrency that is moving away from fiat money in an effort to avoid the same destiny as Terra.
As a result of the Terra coin collapse, many market analysts believe that Bitcoin will suffer a further drop. When asked about the possibility of Bitcoin falling to $3,000 before soaring to $500,000 in a future market boom, economist Harry Dent said, “I don’t think it’s going to happen.”
Bitcoin is still fighting to maintain a price over $30,000 despite the continuous volatility. The asset was trading for $29,400 at the time of this writing.