It's possible that a major bullish cycle has ended and that we're already experiencing a massive crypto-winter.
Interest rates are rising and could reach 15-20% in the coming years. The current rate is 4%. Of course, this is very bad for the stock market and crypto.
The strategy "buy and hold" no longer works; it's probably the worst performing strategy. This strategy is pretty easy; you don't need to do anything but hold and pick the right coins. But yeah, I agree, it can be hard to pick the right coins.
I think the only way to make money in crypto is to learn daytrading or swing trading on the futures market. It's not an easy task for a retail trader.
Bitcoin has failed to hold the most important supports, namely the previous all-time high from 2017 and the blue trendline, which is a disaster.
Let me know in the comment section what you think about crypto-winter and whether it is possible or not. If not, why not?
All altcoins look terrible from a technical perspective; I don't see anything bullish. We can, of course, have a relief rally, but it will be just a dead cat bounce.
Elliott Wave Theory suggests this uptrend is over. We have finished an impulse wave (1, 2, 3, 4, and 5), and now we are looking for a bearish retracement. The impulse wave lasted for 12 years, which is pretty nice. The bear market can last until 2027; I do not see any problem.
It will be a massive capitulation of miners; the mining difficulty may adjust, so there will be less mining power required. It's possible; bitcoin can go down to $3,000. At least the price of graphics cards will go down.
Crypto-winter is a real thing, and this is one possible scenario of how it can look. The next scenario is that we will oscillate between 3K and 69K for the next 6 years. It can be hardcore, but it could happen because bitcoin is a very volatile asset.
FTX was liquidated, and much more can come. You can't even imagine how bad it can be with the liquidation of other exchanges and huge players such as MicroStrategy. I hope it will not happen and we will go up, but we need to consider all probabilities.
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