From the all-time high of $69,000 in 2021, the price of bitcoin sank by 64% in May to $25,000. The recent drawdown in the bitcoin rate significantly shook the crypto community, but some experts and analysts were not at all surprised by the situation. What to expect from the rate of the first cryptocurrency in the future and will there be a new crypto winter? We talked with the founder of the CeFi-DeFi ecosystem Zamio George Gus.
What can you say about the recent fall in the price of bitcoin? Was it an unexpected drawdown or a completely predictable decline? What are the reasons for such a sharp decline in the cryptocurrency exchange rate? What events influenced this?
The fall was quite expected and looks like manipulation. Many whales bought on the bitcoin drawdown and the price will probably go up soon. At the moment when there was a maximum drawdown of bitcoin ($26,500), USDT also sank to $0.95. It turns out that in the BTC/USDT pair, the bitcoin rate went down by about $24-25. Manipulators have collected cream and the price has gone up.
Therefore, I think there should be a logical growth now, since it makes no sense for large whales to flood the market. On the contrary, it is necessary that more people enter the market and the price goes up and the whales can fix.
What will happen to the course of the main cryptocurrency next? Which scenario is the most likely? Can we talk about the beginning of crypto winter?
The price is gradually moving sideways, there are no strong price dumps. In addition, the week closed with the price of bitcoin above $30,000, which is also a good sign. This suggests that there is a high probability of going to 40 thousand if the price breaks through the level of 36-37 thousand. There is even a chance to feel the mark of 50 thousand dollars. After that, we can completely go to a big crypto winter.
How can investors survive this period, minimizing losses, even if there are some problems with stablecoins?
Alternatively, you can transfer part of the assets to PAXG, since this stablecoin is backed by gold. Now more and more people want to buy crypto gold, it can be a good asset for portfolio diversification.
It also makes sense to buy assets of commodity companies, especially the Russian sector, as energy is now coming to the fore. In addition, it is worth taking a closer look at anonymous blockchains and cryptocurrencies, such as Monero.