After struggling with prices all week, Bitcoin and Ethereum remain flat as trading volume drops this Saturday significantly. The global cryptocurrency market cap remains below the $1 trillion level, currently at $943 billion. This signals the bears are on the playing field, and with last week’s 0.75% interest rate hike by the Fed, the market sentiment remains bearish.
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Since it’s the weekend, there aren’t any major developments for Bitcoin that could affect prices in the next few days. Miners continue to struggle as the 9-month-long bear market con. Since the global state of the economy is still in the gutters, chances of a recovery anytime this year seem slimmer and slimmer.
Not all is grim, though, as Michael Saylor continues to make bullish predictions for BTC when looking at 2-4 year terms. Saylor predicts that Bitcoin could hit its peak of $68k again in as long as four years and rise above $500k within a decade.
The game’s name is patience, and those holding long-term bullish positions will see profits. However, many crypto traders are used to quick gains of as little as one year, and the crypto cycle seems to take longer and longer each time. Regardless of the short-term bearish sentimen ..
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