Pretty much everyone right now is waiting for the bottom. Some are saying it's in others are saying we will go way further down. I personally and I also realistically think that the bottom definetly is not in yet. Not just because of the ever-worsening economy but also the fact that no broader crypto capitulation happened yet.
- The first way would be my own favorite as it seems like where are headed right now: A bit of a slow burn in this area for the rest of the year. During that slow bleed Bitcoin will eventually drop to the 10k - 12k range causing massive amount of liquidations but due to the slow bleed it won't rip out all faces and be more boring than brutal.
This would also make sense given the current macro climate.
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Some major hack on a big exchange or a big exchange going bankrupt. Over the past days we could see that a lot of Crypto companies have been going down. Also due to the UST implosion as many exchanges held a lot of UST. So it's also likely that bigger exchange takes the hit now and that would surely cause some big chaos here and cause prices to tumble down quickly like in the past events with BitFinex or Mt Gox.
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My last one would be a brutal daily decline of 10k, meaning - 50% or so in a day that would directly cause capitulation and this is the only scenario where we would have a fast recovery just like in March 2020. But there is nearly no news that found cause this mayhem alone.
So which of these 3 scenarios would you prefer? Do you have your own?
Obviously all these are just gambles but it's tried to be realistic so that we can prepare ourselves in some way.
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