Crypto Giant Grayscale Says Crypto Bear Market Began in June 2022 – Here’s How Long It Could Last
Researchers at the crypto asset management giant Grayscale think the current bear market could last for the rest of 2022 and into 2023.
In a new analysis, Grayscale researchers Matt Maximo and Michael Zhao note the realized price of Bitcoin (BTC) crossed below its market price on June 13, signifying the possible official beginning of a bear market.
“In the natural pattern of market cycles, some believe these points in the market cycle could present some of the best opportunities to buy. The table below shows the average price of Bitcoin during zones of Realized Price < Bitcoin Market Price. Just 21 days into this zone, we may see another ~250 days of high value buying opportunities when compared to previous cycles.”
Realized price is calculated by taking Bitcoin’s realized market capitalization, the value of all BTC at the price they were bought not the current price, and dividing it by the current BTC supply.
The researchers also note that Bitcoin is about 7.5 months removed from its all-time high, which they say means it could be in store for another 5-6 months of downwards or sideways price movement.
BTC is trading for $23,366 at time of writing. The top-ranked crypto asset by market cap is up more than 5.6% in the past 24 hours.
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The post Crypto Giant Grayscale Says Crypto Bear Market Began in June 2022 – Here’s How Long It Could Last appeared first on The Daily Hodl.
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Author: Daily Hodl Staff
