‘Full Capitulation’ Could Mean $800 Billion Crypto Earthquake As Price Predictions See Bitcoin, Ethereum, BNB, XRP, Solana, Cardano, Dogecoin Soar
Bitcoin
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The price of Bitcoin has surged more than 20% in the past week (despite crypto traders being labeled “crazy”) and helped the price of ethereum soar by nearly 50% as excitement around the radical upgrade grows. Second top ten coins BNB
Now, after JPMorgan revealed a $160 billion bitcoin price bomb, a closely watched Bank of America
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The Bitcoin and crypto markets lost more than $2 trillion in a brutal crash, but have since rebounded … [+]
Investor expectations have fallen to an all-time low, according to Bank of America’s monthly survey of just under 260 global fund managers, with equity allocations collapsing to levels not seen since the 2008 global financial crisis – shortly before markets rebounded.
“H2 2022 fundamentals are poor, but sentiment suggests equity/credit rally in coming weeks,” the bank’s analysts wrote in a note seen by Bloomberg and adding the survey indicated the market is now at “max bearish”, suggesting a turnaround could be on the cards.
The bitcoin and crypto markets have traded in close proximity to the stock market through 2022, and the bitcoin price particularly mirrors high-growth technology stocks and the tech-heavy Nasdaq.
This week, after a record 73 days in the “extreme fear” zone, bitcoin sentiment as measured by the Crypto Fear and Greed Index climbed to just “fear.”
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Bitcoin price has increased by almost 8% in the last 24 hours, which has helped the ethereum price to increase and … [+]
“After waves of capitulation in May-June 2022 … signals of a potential bottom have emerged,” Alex Kuptsikevich, senior market analyst at FxPro, wrote in an email.
Meanwhile, market watchers remain focused on the U.S. Federal Reserve, which will hold its rate-setting meeting in July next week and is expected to raise interest rates again by 75 basis points as policymakers try to drive down rising inflation.
“The price of bitcoin unexpectedly recovered its 200-week moving average and appears to be building the foundation for a trend reversal, but the market needs a little more certainty for a slowdown in the pace of Fed rate hikes,” Yuya Hasegawa, a market analyst at Bitbank, wrote in an email and added “short-term outlook for bitcoin is bullish and [the bitcoin price] could go as high as around $29,000 this week.”
