Cryptocurrency traders believe Bitcoin is due for more correction despite Bitcoin's hashrate reaching a new all-time high.
Inflation and poor economic growth are large contributors to the crypto market and the stock market’s bearish downturns.
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Investors and traders alike have accepted that another leg down may be due for Bitcoin and the rest of the crypto market.
Bitcoin can go lower
Bitcoin has been trading in the $19,000 - $22,000 range since the beginning of October 2022. CPI news and troublesome economic growth have affected the traditional markets just as much as the crypto market.
Bitcoin touched $19,047 in June 2022 and has been fluctuating between $19,000 - $22,000 for 4 months. On August 15 2022, BTC went to $24,312 before falling back into range. There is strong resistance above $20,000.
Expect meme coins and altcoins with interesting fundamentals, the rest of the market has been stagnant.
Nobody knows when the bear market will come to an end. Ignoring the red numbers, some crypto investors have already begun stocking up on their favourite coins. An example would be Shiba Inu ecosystem whales scooping up BONE.
BTC price
Bitcoin price speculators believe BTC is due for another leg down before it can go up.
Most traders believe a drop below $18,900 is due while others expect lower to at least $18,500.
Traders also believe Ethereum will follow Bitcoin’s path. A drop to the low $1200 range may be due for Ethereum when Bitcoin makes a move.
Meme coin bulls
Some altcoins have gone against the market and made impressive gains from volatile lows. Quant (QNT) has climbed 82% in the last 30 days while XMON is up 26.6% in the same timeframe.
Meme coins THE Protocol and World Cup Inu (WCI) take the spotlight. World Cup Inu is up 904% in the last 14 days while THE Protocol was up 600% on October 18.
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