• Bitcoin and Ethereum prices have dropped more than 5 percent in the past 24 hours, causing a 3.3 percent drop in total crypto market capitalization.
• Increasing global recession fears and US debt ceiling debate have experts anticipating an increase in crypto volatility.
• Renowned trader and investor @CryptoTony_ expects a long-term rebound for Bitcoin & major altcoins by Q3 2023.
Crypto Market Outlook: Expert Predicts Rebound
The recent decline of Bitcoin (BTC) and Ethereum (ETH) prices has caused a 3.3 percent drop in total crypto market capitalization over the past 24 hours. This has left traders wondering whether the long-awaited altcoin season is about to commence. Meanwhile, renowned trader and investor @CryptoTony_ predicts that Bitcoin & major altcoins will rebound by Q3 2023.
Increasing Global Recession Fears
The probability of a global recession is increasing due to rising inflation rates around the world, forcing the Federal Reserve to consider implementing monetary tightening policies to reach its 2 percent inflation target. Traditional banking sectors are also struggling with challenges posed by Web 3 industry companies as well as other fintech firms, resulting in bank runs across numerous countries.
Long Squeeze Looms
With more than 82% of long traders liquidated over the last 24 hours, many are shifting their focus to short selling which could fuel a long squeeze on crypto markets – leading to further declines over the coming days due to panic selling from investors.
Bullish Long-Term Predictions
Despite these short-term setbacks, @CryptoTony_ remains optimistic about cryptocurrencies’ future prospects – predicting that Bitcoin & major altcoins will experience a long-term rebound by Q3 2023.
The current state of global economic uncertainty has made it difficult for investors to make accurate predictions regarding cryptocurrency markets – however many remain hopeful that BTC & major altcoins will show signs of recovery towards the end of this year or early next year despite recent losses across all asset classes.