Crypto Market Recovery Won't Come Until November, Say Predictions

Crypto Market

✍️ 20 September, 2022 - 8:37 👤 Editor: Jakub Motyka

  • The market continues in a downward trend, this being reflected in the BTC and the ETH.
  • This is due in part to the measures that have been taken within the traditional economy.
  • This is how the forecasts indicate that this year we will not get rid of winter either.

Due to different factors, the forecast for the crypto market is very bleak for the coming months, according to experts. This month, both Bitcoin (BTC) and Ethereum (ETH) continue in a downward trend, this being a sample of the state of the market. Many analysts indicate that this phenomenon is due, according to macroeconomic data, to a series of events that occur in the traditional market.

Many investors are bracing for a hike in interest rates from various central banks. This, waiting for the result of a meeting to be held by the Federal Reserve, where they will discuss a possible rise in interest rates. This means that users of the digital market will not be able to invest to the same extent.

How Can This Forecast Negatively Affect All Crypto Coins?

Contrary to expectations, both the price of BTC and ETH have failed to break through their respective psychological support zones. In other words, BTC continues below USD 20,000 plunging, 6.5% of its previous costr. Meanwhile, ETH fell 4% to approximately $1,200. In total, this means that both fell 28% and 37% from their previous market value respectively. This drop puts both assets in a very discouraging range. 

Although this fall has to do with the winter itself, a large part of it is a direct consequence of the actions taken by the traditional market. This week, the Federal Reserve and other global counterparts are preparing to raise interest rates as a potential way to check inflation. According to data compiled by Bloomberg, the expectation is that several large banks worldwide will raise their interest rates up to 5% on loans.

What Will Happen To The Crypto Market In The Long Term?

Given what we have mentioned above, and despite the fact that the forecast for the crypto market is negative, this situation will not be eternal. Both coins have a narrative focused on continuing to grow, appreciating through measures such as the Merge and other similar ones. However, it is unlikely that any of them will rebound in a positive way this year, and another considerable drop is expected in the market before the end of this year.

Latest crypto news:

Angélica Añez
Latest posts by Angélica Añez (see all)

Image sources:

Leave a Reply

Your email address will not be published. Required fields are marked *

Go up