Crypto Investors hang Between the Bear Market/Bull Market Dilemma whereas the Analysts believe that the Market Bottom has already set in
“The Russia-Ukraine tension was the most dominant news on 22nd February that trembled the stock market as well as the crypto market alike. The crypto investors have mixed feelings of the bear vs. the bull market as investors are unable to decide in which type of market they are in. The analysts on the other hand believe that the market bottom has already set in and there might be a prolonged consolidation before the market makes a move to the upside.”
The crypto investors are in a state of confusion regarding the market they are investing in. Half of the investors believe that the crypto winter (bear market) has already set in whereas the other half believes that it’s just a correction and we still are in a crypto summer (bull market). The price of Bitcoin and the whole crypto market is retesting the support/resistance zone of around $38,000 for some time now as the mixed news of good and bad from the Russia-Ukraine tension escalation keeps the markets volatile. The Bitcoin after a fall to $36K range is now up again in the $38K zone and at the time of writing it is exchanging hands at $38,011 per BTC. The whole crypto market is in green today after 2 days of red.
As the bear/bull dilemma continues amongst the investors, the analysts believe that the market bottom has already set in and until we go below the strong support of $30K, there is no need to worry. The current $38K zone has been acting as a good support and resistance zone which is helping consolidate the price of Bitcoin. Once the solid structure and base is set up around this zone, a move to further upside can be considered. The current volatility and price not making a move is due to macro environmental conditions including Fed’s Rate Hike and Russia-Ukraine tension escalations. Also, analysts believe that there is a mismatch between the price and the adoption level that the crypto industry is seeing at the moment which depicts that there is a higher chance of upside than the downside.