The original cryptocurrency, Bitcoin (BTC), according to billionaire tech entrepreneur Elon Musk, “will make it.” The billionaire CEO of Tesla did, however, allude to the likelihood of a “long winter.” In financial jargon, a “winter” is a protracted period of sluggish or decreasing markets. The industry is currently going through one of its most challenging periods in history as a result of FTX’s bankruptcy.
BTC will make it, but might be a long winter
— Elon Musk (@elonmusk) November 14, 2022
Musk most recently took part in a Twitter discussion about the FTX collapse. Musk said during his speech that cryptocurrencies like Bitcoin, Ethereum, and DOGE probably have a future. He proclaimed,
“I can’t really speak to the others. But if you’ve got one of those three in a cold wallet and off an exchange, I think my guess is it works out well.”
Currently, Bitcoin’s (BTC) price momentarily dropped below the $16,000 mark today before regaining its previous range. Profits made during the bull run in 2021 were completely lost in the dip in November 2022, and there is still anxiety that BTC will continue to fall.
Many people, however, wished they had purchased the token at a lower price as Bitcoin’s price rose. The prayers of those people have now been heard. Furthermore, Bitcoin has consistently beaten past records. This history suggests that when the markets rebound, Bitcoin may surpass its previous high of $69k.
When will Bitcoin recover its losses?
2022 has so far turned out to be one of the worst years for cryptocurrency and finance in general. It is quite unlikely that the cryptocurrency industry would experience a quick recovery. It “may be a protracted winter,” Musk said.
In the past, Musk had hinted on Twitter that he thought the current recession would endure until the spring of 2024. Therefore, the current crypto winter can last till the same time the following year.
On the other hand, several analysts predicted that Bitcoin (BTC) will keep falling before making any upward movements. The DataDash creator, Nicholas Merten, predicts that Bitcoin may bottom out at around $10,000.
At the time of publication, BTC was worth $16,876.13, up 0.8% over the previous day.
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