Is the crypto bottom in? On-chain says yes, macro says pain occurs after the fed pause
Is Bitcoin poised for a new low or has the bottom been set at $15,500? CryptoSlate analyzed on-chain and macro data to present both sides of the argument.
The collapse of Terra (LUNA) in June 2022 was the spark that ignited a fire that kept devouring the crypto market. The chain reaction of prominent industry players bankrupting continued throughout the year and culminated with the collapse of FTX, one of the largest crypto exchanges in the industry.
When FTX collapsed, it wiped out billions in client deposits and pushed the market to its three-year low. Bitcoin reached $15,500 and threatened to drop even further as contagion from FTX spread.
Since then, Bitcoin has recovered and posted notable returns, hovering around $23,000 since the end of January 2023.
However, the market still looks unstable. Bankruptcy proceedings for FTX, Celsius, and other large companies are still ongoing and have the potential to cause more price volatility. The incoming recession is creating macro uncertainty that keeps the market grounded.
The industry seems divided โ some believe Bitcoin bottomed in November 2022, while others expect more volatility and an even lower low in the coming months.
CryptoSlate looked at factors that could push Bitcoin down to a new low, and factors that show a bottom was set to present both sides of the argument.
While deep diving into the three metrics in the tweet below that analyses a potential market bottom.
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