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HomeBitcoin NewsIs Last Year's Crypto Winter Over? Analysts Say, "Yup!"

Is Last Year’s Crypto Winter Over? Analysts Say, “Yup!”

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Is the crypto winter of 2022 officially over? According to various analysts, the answer is “yes.”

The Crypto Winter Is Done For

The crypto winter of the previous year was one of the worst events on record for bitcoin and the digital currency arena. Prices of several assets fell like comets, and the industry appeared to be on the verge of fully collapsing into a heaping pile of nothingness.

Bitcoin, for example, is the world’s number one digital currency by market cap. The asset reached a new all-time high of about $68,000 per unit in November of 2021, and at that time, many traders and investors were convinced that the digital currency world could never be brought down, but boy… Were they wrong!

Just a few months later, bitcoin began crashing, and then it crashed some more, and by the time we reached the end of 2022, the asset had lost more than 70 percent of its value and was trading in the mid-$16K range. It was a sad and ugly sight to see, and it would have been bad enough had it stood on its own, but crypto has a habit of moving in tandem with other assets and coins, so when one major asset falls, it’s likely others will follow suit.

This time was no exception. Other cryptocurrencies like Ethereum traveled the same path that bitcoin was on. This ultimately contributed to the digital currency space losing more than $2 trillion in overall valuation over the course of just ten or so months.

Now that we’ve entered 2023, there are many analysts that have noted the digital currency arena turning itself around. They say the crypto winter has reached its end, and companies like Standard Chartered believe that the bitcoin price has the capacity to reach a whopping six-figure price by the end of next year. In a recent report, the analysis firm said:

We see potential for bitcoin to reach the $100,000 level by end 2024, as we believe the much-touted ‘crypto winter’ is finally over.

The company’s head of digital assets research, Goeff Kendrick, further explained that there are many things contributing to its end, one big one being the ongoing banking crisis. He says that many people are beginning to see bitcoin and other assets as “safe havens” yet again, and bank deposits are losing some of their appeal.

Many Things Pushing BTC Up

He also said the upcoming halving of next year is building BTC up further:

The current stress in the traditional banking sector is highly conducive to bitcoin outperformance and validates the original premise for bitcoin as a decentralized, trustless, and scarce digital asset. Against this backdrop, bitcoin has benefited from its status as a branded safe haven, a perceived relative store of value, and a means of remittance.

Nick Marinoff
Nick Marinoffhttps://www.livebitcoinnews.com/
Nick Marinoff is currently a lead news writer and editor for Money & Tech, a San Francisco-based broadcasting station that reports on all things digital currency-related. He has also written for a number of other online and print publications including Black Impact Magazine, EKT Interactive, Seal Beach USA and Benzinga.com, to name a few. He has recently published his first e-book "Take a 'Loan' Off Your Shoulders: 14 Simple Tricks for Graduating Debt Free" now available on Amazon. He is excited about the potential digital currency offers, particularly its ability to finance unbanked populations and bring nations together financially.

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