“It does seem to be the case that we are in a full-on bear market now,” Edwards, the former head of research at crypto brokerage Enigma Securities, said in an interview. “It’s a little later than we were expecting in terms of seeing these sorts of declines, but it’s just a natural flow of crypto.”
Bitcoin could dip to $18k and $20k
In his view, Edwards believes that the crypto market is going to suffer severe declines with short-term rebounds. Crypto traders have explained that bitcoin’s daily Relative Strength Index indicator has reached an oversold level, which means that a short-term bounce is imminent. Many also view $30,000 as the price bottom for bitcoin.
“I think that’s optimistic,” Edwards said of the $30,000 bottom call. “I think you’re more likely to see somewhere between $18,000 to $20,000 across the entire year.”
