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Bitcoin Price Will Start Falling in Summer 2022 – Opinion

According to one of the largest Chinese Bitcoin miners, Jiang Zhuoer, the main cryptocurrency will enter a bearish trend next summer.

In an interview with Chinese crypto journalist Collin Wu, Jiang Zhuoer cites numerous studies suggesting that the market will begin to slow down this fall.

Around this time, according to forecasts, measures to restore the economy from the coronavirus crisis will begin to work. This forecast is based on the fact that as the traditional economy recovers, investors will begin to withdraw into their usual assets. Cryptocurrencies will again find themselves in the shadows and enter a bearish trend.

Tesla bought $1.5 billion worth of bitcoins, but no one followed suit. The expert notes that since then no major company has announced an investment in cryptocurrency. The excitement did not happen.

His opinion echoes forecasts based on current market cycles. Traditionally, the Bitcoin bull market lasts for about two years.

Despite the bearish outlook, Zhuoer notes that institutional investors can make a difference. Some financial institutions are preparing infrastructure and developing cryptocurrency products to meet the growing demand.

Earlier this year, America’s oldest bank announced plans to launch a crypto custody service. In addition, Goldman Sachs conducted a customer survey. The results showed that 40% of respondents are already ready to enter the digital asset market. In response to the growing interest, the bank resumed its cryptocurrency trading platform.

These events confirm the presence of interest from institutional investors, which can translate into real action. The number of exchange-traded funds continues to grow.

This is a powerful indicator of institutional interest, since traditionally only large investors have the ability to use them to invest in bitcoin.

New cycle?

Some community members point out that Bitcoin is forming a new cycle.

Traditionally, a bullish cycle lasts only a few years, then a correction begins. However, Zhuoer and some other experts believe that institutional interest this time may prolong the optimism in the market.

Accordingly, it will fuel demand in the market, which, combined with a  shortage of cryptocurrency supply, will push Bitcoin to new heights.

If you have any questions and comments on Bitcoin today, use the form below to reply.

© MarkStevenson for Commodity News, 2021. | Permalink | No comment |
Published under: Bitcoin

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