The question we all have is whether crypto is in a bull market or a bear market. We look at why it is hard to see crypto losing value. (Image by Parveender Lamba from Pixabay)
We have many readers who are crypto enthusiasts who love to play at crypto casinos while also investing in the crypto market.
And there is one question we all want to know the answer to. Is the cryptocurrency in a bull or bear market? The truth is that no one really knows for sure.
However, plenty of analysts are offering up their predictions of what’s next for major cryptos like Bitcoin and Ethereum.
Plus, as with each time we’ve seen Bitcoin rise, we see an increase in pre-market sales, the best coins to buy, and news of companies investing in crypto assets to offset their fiat assets.
Whether we are in a bull or bear market right now may be something no one can predict, but in the long term, you have to admit, things are looking pretty positive.
The mass adoption of crypto continues with several notable investment strategies now including Bitcoin. For example, GameStop recently announced it would use BTC as part of its investment strategy. We also have the US government plotting a crypto reserve strategy.
On top of all this, we just saw the introduction of Solana Futures on the Chicago Mercantile Exchange (CME), one of the largest financial derivative exchanges in the world. For those of you who don’t know what the CME is, it allows traders to buy and sell futures and options contracts on various asset classes, including commodities, stock indices, interest rates, foreign exchange, and cryptocurrencies like Bitcoin and Ethereum.
From what we are seeing right now, the mass adoption of cryptocurrency is really beginning to take its full form, primarily thanks to futures and ETFs.
It feels like we are in a long-term bull market with more volatility
Look, we are not proclaiming to be expert crypto investors. We play at the crypto casino, and across the Casinoplusbonus team, we have a mix of people who invest heavily in crypto through staking and holding.
I like to trade and invest heavily, while some of us, like Jack Bannon, invest small amounts and use some of our crypto balance for crypto gaming. As for Matthew, he doesn’t invest at all as he feels crypto is too risky and prefers to play with USDT at crypto casinos, but mostly, he plays with Euros, being Irish.
As such, I am merely stating my opinion of what we see going on in the crypto market right now. And even not all of us, some feel the cycle of the overall cryptocurrency market is no longer a short-term outlook but a longer-term investment plan.
What do I mean by a longer-term investment plan?
For those of us here at Casinoplusbonus who are advocates of investing in crypto, we feel it is inevitable that Bitcoin and other cryptos are going to eventually double, triple, and quadruple over the next 10 years. Now to be clear, we can’t say this will happen for sure, but it just feels that way going by past performances.
Why do we feel this way? It just feels like we are new crypto era with ETFs and futures on major stock exchanges. Also, it doesn’t feel like the usual hype we are used to seeing from previous crypto bull runs, whereby people saw the rise in price as an excuse to create news (yes, that’s precisely what I am doing now, I know!). However, I am more inclined to write about crypto now because I do feel like there is just something different in the air when it comes to cryptocurrency.
A key price point that will convince me that I am correct is $200,000. We may see Bitcoin shoot back down to a lower support level of $70,000, but can you see it going below this? It is tough to fathom that’s where BTC is going. Therefore, I stand by Jack Bannon’s previous price prediction of $200k in his previous Trump Crypto Reserve Strategy news report.
Right now with Bitcoin heading back towards $90,000, it is tough to see it fall below $80,000 before making an upward trajectory to the predicted $200k mark. Yet, volatility is something I am prepared for.
Crypto is the new gold!
Let’s look at it another way. Crypto is the new gold, and look at the value of gold right now. Throughout the recession, the pandemic, high inflation, and even economic recovery, gold continues to defy all odds to go up.
It seems cryptocurrency has the same trajectory but with a major advantage on its side. Crypto is based on blockchain, and blockchain tech has a use, which is solving problems. Surely, we will see increased blockchain software solutions in the future, and many of these solutions will involve a cryptocurrency. For example, there is no escaping the fact that Metaverse tech is likely just around the corner, and with this will come increased adoption of crypto.
Ethereum could be the classic example to watch
Now, I recently read that Ethereum could be on its way back up after nearing the end of a long period of price stagnation, known as a bear trap.
Analysts believe that Ethereum’s current movement mirrors a pattern from 2020 that preceded a significant price increase. After months of drop-offs, even I’ve noticed my Ethereum has been holding steady around the low $2,000 range.
According to CryptoGoos and Merlijn The TraderKey, they have spotted a couple of key technical indicators. They have used the low Relative Strength Index (RSI) whereby ETH is trading within a critical support zone. The highlight here is that they feel it suggests that Ethereum could be poised for a breakout.
Now, the key point to look out for here is whether ETH can maintain the $2,000 level until the end of March. However, I would say the end of March is a little shortsighted, and we should look at least into mid-April, but like I said, I am no expert. Just call it a gut feeling if you will.
The Final Word: Just be prepared for huge downswings up to 30% before cryptos really start to make a major upwards move. Hence, I feel on a longer term basis, we are in for higher volatility swings. However, jsut remember, I could be wrong and this just my opinion on the topic.
Leave A Comment