, a founding entity of the Cardano blockchain, wrote that bitcoin’s decline in the current “crab market” was to be expected.
“After all, since October, we saw BTC and other major coins experience huge gains following the crash that happened earlier last year,” he wrote. “And looking ahead, we’ll likely be trending between the lows of October and the highs of this last April.”Bhuvanagiri compared the current market climate to 2019. “Back then, we had big ups and downs within a certain range. Those who had remained on Crypto Twitter were going from slight euphoria to hints of depression, over and again.
He sounded a cautious note about rate hike uncertainties, declining economic growth and potential challenges for the banking sector – a toxic combination that could continue to unsettle crypto markets. “It’s not hard to imagine a scenario in which the markets essentially have to get juiced again,” he wrote. “For most market participants, then, the strategy is likely one of survival until the macro turns and during what will inevitably be a volatile half year or so.