Is the crypto market going down further? Does the market have the potential to go up? Will Bitcoin return to $111,970? These are some of the significant questions that sparked media frenzy across the crypto ecosystem. Although common investors and traders are overwhelming social media platforms with their own predictions, it is quintessential to look into what crypto experts have to say about the ongoing market plunge, particularly due to the Israel vs. Iran war.
Experts reveal key insights on the crypto market
To start with, Changpeng Zhao (CZ), founder and former CEO of Binance, recently shared his perspective on the crypto market, denoting the current market condition as a dip before an All-Time High (ATH). He wrote on X: “Remember, by definition, everything before the next ATH is a dip”.
As he emphasized, only a few strong cryptocurrencies will surge, making a new ATH. In response to the remark, a crypto analyst on X stated that everything before the next ATH is a dip only if a next next ATH is guaranteed, and Bitcoin is structurally wired for new ATHs, according to his insights. The analyst criticizes that “most coins will never see another ATH again, and CZ knows it”.
Worth noting, the Crypto Fear and Greed Index measures investor sentiment as more “fear”, meaning investors are worried, pessimistic, and uncertain about the market. Looking at Arthur Hayes’ remarks, the current weakness is temporary, and it will pass. Following this, Bitcoin will come back to its “safe haven” status, making investors put more trust in it.
And for Dan Gambardello, a Cardano-friendly analyst, the price of Bitcoin will still see more downside in play in the short term.
Gambardello also came up with a Bitcoin chart that shows an inverse head and shoulders pattern, indicating a potential bullish trend.
Although crypto experts are coming up with their insights on the crypto market, it is important to wait and see what will happen to the market, especially in the context of the ongoing uncertain Israel-Iran war. One alluring thing is, several countries and institutions are welcoming crypto and stablecoin adoption, which is a positive matter for the market growth.
Major coins that dipped in the past 24 hours are Bitcoin, Ethereum, XRP, TRON, Dogecoin, etc. Meanwhile, Hyperliquid, Avalanche, Shiba Inu, and several other coins have shown a price hike at the time of reporting.
