If you have waited patiently for the crypto market to regain momentum, it might be finally the time to see some action. JPMorgan analyst Kenneth Worthington suggested last week that the crypto market has ‘found a floor’ after the effects of the Terra Luna shook up the crypto market.
Recently, CoinTelegraph cited American Financier Anthony Scaramucci predicting that this might be the end of the bear market. The reason for experts predicting this could be manifold. Let us begin with the most obvious one, the Ethereum Merge. Ether (ETH) has been outperforming major assets for the last two months. In July, we noticed that ETH has surged by about 59%. In August, the rally continued with the current price sitting above $1900, with a gain of over 40% month-to-month, at the time of writing.
Sentimental analysis around ETH shows a relationship between the positive sentiment rising in harmony with the price rise. Have a look at the monthly comparison data from CoinDesk:
Apart from ETH, there has been much movement on the Bitcoin (BTC) side as well. After a decisive month of July, Bitcoin rose even further in August and during the last weekend, the Bitcoin had a mini rally and reached $25,000, highest in two months for BTC/USD, however, it was a short lived one.
Most cryptocurrencies have had a steady rebound and in fact, the Crypto Fear and Greed Index has peaked to a three month high on the 14th of August, quite in sync with BTC’s performance.
To declare that the bear market is turning over into a bull market is probably too soon to predict however, the last two months’ graph seems to be heading in a positive direction.
In a CNBC interview, Scaramucci points out that the future prediction for BTC could go as far as $300,000 USD in the next six years.
‘If we are right, if BTC goes to $300,000 USD a coin, it will not matter if you bought it at $20,000 USD, $60,000 USD; the future is upon us; it’s happening sooner than I thought,’ said Anthony Scaramucci, Skybridge Capital founder.
Disclaimer
Please note that this is not trading advice. We recommend you to carry out your own research before making any trading decisions. This article is for informational purposes only.
