Experts from jpmorgan and DailyFX are claiming that we are in a crypto winter. However, other experts like John Bollinger disagree. The Bollinger Band technical indicator creator believes BTC has already bottomed out at $30,000.
Bitcoin reached the all-time high of $64,804.72 back in April. However, the top crypto has since fallen by almost 50% to $33,039.01 at the time of writing. Bitcoin is actually up 1.5% in the last 24 hours after testing the $30,000 resistance level. Although the top crypto seems to be rebounding, experts believe that things could get worse.
To make matters worse, the dreaded death cross finally formed on June 19. Added to the growing disturbing news from China, which has already negatively affected Bitcoin’s hash rate. Plus, a marked decline in institutional interest. These are all factors working to drive the bearish sentiment around Bitcoin. As such, these factors could drive our favorite crypto into deep hibernation.
A report by The Wall Street Journal quotes DailyFX analyst Peter Hanks stating that in the foreseeable future it will be easier to see red candles compared to green ones.