Expert Believes “Crypto Winter” Could Be Over if BTC Does This…

Edward Moya, a senior market analyst at Oanda believes the crypto bear market could come to an end if Bitcoin’s price stabilizes over the coming weeks, meaning the Crypto Winter could end just as fast as it started.

Referring to stocks, Moya said, “Wall Street is enjoying a positive risk-on mood that is good news for cryptos…. (The market is starting to look) attractive now that the economy is looking a little better as expectations for Fed tightening eased.”

Over the last year or so, the Bitcoin market has been closely mirroring the stock market’s volatility. It’s believed by many that the closer we are to a stock market bottom, especially in the NASDAQ, the closer we could be to a BTC bottom.

While many crypto experts still believe another big drop in BTC could happen (targeting anywhere from $10k to $14k), others believe the bottom is already in.

Moya feels that if more institutions/whales buy BTC over the coming weeks, and its price stabilizes, a new bull run could quickly happen.

The NASDAQ reached its bear market lows (thus far) over a month ago on June 16. Coincidentally (or not so), that was just two days before BTC hit its current 52-week lows.

Marcus Sotiriou, a market analysts at GlobalBlock says “When the market starts reacting positively to negative news, this is a signal that a local bottom could be in for now, as fear may have caused the news to be priced in.”

Read more about the potential end of Crypto Winter, HERE