And he assured that its price will depend “on the dynamics with which Europe faces the winter; I hope that a bad winter dynamics will result in testing the highs of the previous volume range of $10,000 – $11,000. Dialogue between NATO and Russia seems imperative with what happens next; The sooner that happens, the higher the bottom will be for Bitcoin.”
In his turn, Dan Nathan, the director of the financial medium RiskReversal Advisors, said that the last three months were very “cruel” for Bitcoin. And, according to his vision, the market will continue to be bearish. Furthermore, he noted that the total cryptocurrency market capitalization fell back below $1 trillion. Given this, he indicated that long-term risk assets did not perform “very well” in this environment and that “that is clearly the case with Bitcoin.
He also warned that risk assets, including Bitcoin, are being affected by the increase in interest rates in the United States. This adjustment is to control inflation and another such increase is expected for September.
Peter Oppenheimer, a member of the board of directors of the financial company Goldman Sachs, also gave his opinion and assured that he believes a more hostile terrain awaits cryptocurrency. It coincided with research from Bank of America which stated that 6 out of 10 indicators estimate that the bottom/low of this bear market has not yet arrived.
From Goldman Sachs, they said that, given the approach to the worst point of the economic cycle and the peak of inflation and interest rates, “we are not yet at levels consistent with a market minimum.” That is why he highlighted that the conditions have not yet been met for a market turning point from bear to bull.
Source: Ambito
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