Here’s Why This Expert Thinks The Next Crypto Bearish Trend May Be Near

These past six months have been a rollercoaster ride for cryptocurrency prices. Due to macro factors, the crypto market was in a trough. However, the crypto market saw a significant increase in strength during the past 24 hour.

Nearly all assets took positive steps to propel the market towards the green. As Bitcoin gained over 2.5%, the price of Bitcoin steadily climbed up to $20K. The BTC price had reached $20,342 in the morning trading hours.

Here's Why This Expert Thinks The Next Crypto Bearish Trend May Be Near
Bitcoin prices have risen above $20,000 l BTCUSDT at Tradingview.com

This bullish trend is evident in altcoins, as well other crypto assets. Ethereum has breached the $1,350 mark as the cryptocurrency gained more than 1.8% during the previous day.

Dogecoin’s (DOGE), a cryptocurrency, made an impressive reclaiming. The price jumped by over 8% in the last 24 hours. The digital asset markets are showing remarkable bullish power today.

Ripple (XRP), also redirected its patterns through an increase by about 5% over the 24 hour period.

Experts Think Digital Assets Market Can’t Sustain A Price Rally

Experts expect another bottom to the cryptocurrency market, despite recent price moves that were impressive. Experts believe that crypto assets are not sustainable and the market will experience a bearish trend.

Michael van de Poppe (CEO of Eight Global) commented on the possibility of a turn in crypto markets. According to him, the US dollar’s value will rise soon. He believes that this new development will have a small impact on the cryptocurrency market by causing a correction.

The data on US unemployment will also be released Friday. Michael Poppe expressed concern that the data could prove to be inaccurate and have a negative impact on the crypto market.

The crypto market has been negatively affected by macroeconomic factors in recent years. This has led to a market where the trend of the prices is determined by macroeconomic conditions. This is because of the strong correlation between cryptocurrency and general markets.

The Crypto Market is Still in Struggle

Even though the market has been showing signs of improvement, it still faces challenges. In its control measures against inflation, the US Federal Reserve adopted a cautious stance. Many are afraid of the Federal Reserve’s approach to increasing interest rates and tightening financial operations.

After global rates rose, the United Nations asked that the UN refrain from an aggressive approach. The UN instead highlighted the possibility of a global recession by pointing out the position of many central banks. The American central bank won’t reduce its power.

Tension in the current macroeconomic situation is being increased by rising oil prices. The Organization of Petroleum Exporting Countries has decided to cut supplies in order to increase oil prices. This is the largest reduction since 2020. For its final decision, the OPEC will meet on Wednesday.

Featured image taken from Pixabay. Chart from TradingView.com

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