As traders say, predicting a bottom is like trying to catch a falling knife. The term bottoming is easily misunderstood as it does not necessarily imply that price action and the general sentiment of the cryptocurrency market will suddenly turn positive. Prices plummeted as investors slowly pulled out of their support and sold, sometimes even dumping their tokens. While the market is required to slowly turn positive, generally speaking, the indicator of recession needs to be maximized first.
As interest in crypto fades and a bear market arrives, performance-wise, content creators will spend less time on crypto, most new entrants count losses and call crypto a scam, celebrities stop talking about crypto, Crypto prices fell 80%-90% from the top, mainstream financial media stopped mentioning crypto, miners capitulated, funds and projects went bankrupt, wealthy investors (and companies) began to sell crypto assets, and crypto whales began to wake up and make a difference action etc.
At present, the signs of a bear market have become obvious, and it is difficult to predict when the breakout from the bear market will occur, but the macro is still having a strong impact on the price direction. For such a situation, different investors have different views and analyses.
Looking at the short-term, after a strong week, the price appears to be poised to revisit the 22k support for the crypto market, according to analysts analysing technical indicators.
In the long run, after a difficult second quarter, the earnings of miners are generally lower, but the bear market is not over. Bitcoin miner Marathon Digital lost $1.92 in the second quarter, up from a net loss of $109 million in the second quarter of 2021, and mined 707 bitcoins in the second quarter, a 44 percent decrease from the previous quarter. Meanwhile, bitcoin reserves held at the same time also lost $127.6 million in value during the quarter. Bitcoin miner CleanSpark posted a net loss of $29.3 million on revenue of $31 million in the third quarter of its fiscal year that ended…