Crypto bear market is nearing end, despite current correction
According to Compass Point analysts, the crypto winter is coming to an end, despite the current correction in crypto asset prices. The key support level for Bitcoin, in their opinion, is the $60,000 mark.
Analysts note that further decline in cryptocurrency prices is likely only in the event of a bear market in the US. This suggests that cryptocurrencies are moving more in line with traditional financial markets.
At the same time, the $60,000 level for Bitcoin is seen by experts as an important milestone that should confirm the recovery of the cryptocurrency market after a prolonged correction. If Bitcoin is able to consolidate above this level, it will be a signal for the resumption of growth and the end of the crypto winter.
Given the high interconnectedness of the cryptocurrency market with the stock market, the current situation in the US economy will largely determine the further dynamics of Bitcoin and other crypto asset prices. If the regulator is able to deal with high inflation without causing a recession, this may create favorable conditions for the recovery of the crypto market.