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Crypto market forecast 2022: The next few months will be crucial for the crypto market

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crypto market forecast 2022

The crypto market experienced another week of consolidation around the supposed “bottom”. The total capitalization index was at $999.28 billion at the beginning of the week. Then we saw growth to a local peak of $1.06 trillion (the index was again above $1 trillion for the first time in a month and a half). The index then declined to $959.1 billion by the end of the period under review. Thus, the final decrease in the total capitalization index was 4.02%. Against this background, we can try to make a crypto market forecast for 2022. 

What will be the crypto market forecast this week? After breaking through the corridor of 20,000-22,000 for the first time in a long time, the bitcoin price returned to this corridor again during the previous week. The period we are considering started for bitcoin at 23,712. On the first day, a local high of 24,208 was reached. Then, until the end of the week, the rate was systematically falling to the level of 21 300. The final decline at the end of the period was 8.5%.

Etherium, during the past period, demonstrated slightly different dynamics. Starting from 1551, the rate of the asset did not go out of the corridor of 1640-1528 till the end of the period, dropping down to the level of 1457. The fall at the end of the week amounted to 6.06%.

Even though one of the largest public owners of Bitcoin – Tesla, sold a significant part of its accumulation, other owners, who bought at similar levels, continue to hold. According to analytical service Glassnode, there are now three main levels of buying within past cycles – about 20,000/30,000/40,000. And the level of 20,000 was formed quite recently, in the last few months. Such dynamics additionally confirm the psychological value of “round” figures and also indicate many buyers in the current market ready to redeem BTC at a price slump.

Crypto market forecast this week

After the rapid growth in the spot market, the dominance of call options remains equally high for both BTC and ETH. The level of open interest rose strongly due to block trades – call spreads and “butterflies” with an execution date at the end of this year. The current price levels showed a fairly large volume of accumulation; most of the negative events are already in the price; respectively, traders have an appetite for risk, and expectations for a more successful end of the year. 

However, this cautious optimism is very different in its targets, if we compare the Bull Run period of last year. At that time, levels were actively traded several times higher than the current ones on the spot market. Now the target growth levels for BTC are 25,000-30,000, which is too far from last year’s highs. On the backdrop of this we can build a crypto market cap forecast.

Is a crypto bear market coming? The market is accumulating liquidity ahead of the Fed meeting this week, and is avoiding active directional choices until the decision is made, remaining cautiously optimistic. The next few months will be decisive regarding macro statistics and will allow for more accurate forecasting of funding conditions in global markets, which will add certainty and liquidity for future growth in cryptocurrency prices.



Cryptocurrency

The Balance: Bitcoin bearish trend hasn’t stopped Americans from investing more in cryptocurrencies

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Analytical resource The Balance posted a report stating that 39% of U.S. investors have become more invested in cryptocurrencies, despite the bitcoin bearish trend. 

According to the report’s author, these Americans are looking for new investment avenues to preserve their savings amid economic uncertainty.

Meanwhile, 41% of survey participants said they invested more in stocks, and about a third of them invested more in exchange-traded funds and exchange-traded index funds amid market uncertainty. Thirty-four percent of investors reported no change in their investment habits.

Slightly more than a quarter of investors surveyed admitted to investing less in assets. Nearly 20% of those surveyed admitted to investing less in cryptocurrencies this year. The report’s author argues that investing in cryptocurrency in times of uncertainty is more popular among young people.

Nearly half of millennials and Generation Z investors (age 41 and younger) said they prefer cryptocurrency – as opposed to just under a third of Generation X investors and older. The online survey was conducted from June 30 to July 9, 2022, and surveyed 1,200 Americans over the age of 18 who at least partially manage their finances.

However, according to Bank Of America, the number of active cryptocurrency users is down more than 50 percent from its peak last November.

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Cumberland: institutional investors give bitcoin growth predictions as high as $32,000 as early as 2022

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US market maker Cumberland conducted a survey of institutional investors and found that most respondents were making bitcoin growth predictions as early as this year.

It is worth emphasizing that most of those surveyed are convinced that the crypto market will continue its decline in the near future. Analysts stress that the value of the main coin in the world of cryptocurrencies can fall to 16000 dollars. After that, Bitcoin should quickly recover the lost positions. At the end of the year, the value of BTC could reach $32,000. Cumberland experts point out that investors remain bullish. 

“Even with the current bearish trend, these results are not surprising. After all, those surveyed are trading cryptocurrencies, which means they believe in bitcoin. If they didn’t have this attitude toward BTC, they would continue to trade forex,” Cumberland analysts said.

Respondents do not expect any success in the stock market, despite the significant correlation between the stock and markets in recent months. According to institutional investors, the crypto market, at least in the near term, will depend significantly on the U.S. Federal Reserve’s decisions on prime rates and “other Fed moves.”

Cumberland analysts have previously said that the recovery of the market will be determined by the rate at which assets move from insolvent to solvent companies.





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Is dogecoin a good investment? Elon Musk: Dogecoin is much faster than the Bitcoin network

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Is dogecoin a good investment? The CEO of Tesla again spoke out in support of Dogecoin. He stressed that the “meme cryptocurrency” network can process significantly more transactions than the Bitcoin network.

During a conversation with a podcast host, the head of Tesla and SpaceX said that the popularization of DOGE is paying off. The coin is increasingly being used as a full-fledged means of payment. As you know, coins can be used to buy goods and pay for various services of several large companies. The most important advantage is the high speed of transactions. Usually it takes no more than a minute to process a transaction online.

“To be honest, I mostly support DOGE because this cryptocurrency has memes, dogs, the developers have a sense of humor, they don’t take the project too seriously. And with all that being said, it’s strange that though DOGE was invented just as a joke, the actual throughput of the Dogecoin network is much higher than Bitcoin blockchain,” said Tesla’s CEO.

Ilon Musk also reminded that Dogecoin’s inflation model allows it to issue 5 billion coins annually, while Bitcoin’s number is limited to 21 million. And this makes DOGE much more suitable for use as a payment currency.

Recall that Tesla sold most of its bitcoin holdings amid falling cryptocurrency markets.



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