Well-known cryptocurrency analyst Joe Bargain gave a medium-term forecast for the further movement of market capitalization. He noted that the situation has stabilized in recent weeks. The rate of the flagship digital currency, Bitcoin (BTC), rose from $17,000 to $24,000, which is a good signal for the entire industry. The expert emphasized that he expects further bullish movement in the short and medium term, but globally, the industry is still recovering.
The market expert assured: Bargain expects the total supply of all crypto assets to reach at least $1.5 billion – $1.7 billion in the coming months. In good hands, the industry’s capitalization will reach $2 billion. Still, much will depend on the geopolitical situation in the world, as well as on the actions of the Federal Reserve System (FRS) and the current level of inflation.
The specialist noted that many are counting on the fact that the crypto market will quickly recover and Bitcoin (BTC), as well as other leading altcoins, will reach new price highs this year. He considered that these were overly optimistic calculations. According to Bargain, you should not consider the industry’s recovery before 2024. Now there will be only a slight correction, allowing investors to recover their losses, but then a new phase of the decline will follow.
According to the analyst, the market will decline until the beginning of 2024, and will begin to recover by the middle of the year, just in time for the next Bitcoin (BTC) halving.