The crypto money market is going through a bear cycle and speculators are asking for 10 to 100 times more returns in a three to six month period. In countries like South Korea, renowned actors who actively trade a few months ago offer public disability by distorting Bitcoin's image and the rest of the crypto money market.
Speculators tend to exaggerate their reactions when the crypto money market moves downward or downward to the market, which is one of the main reasons for the tendency to show excessive volatility in both upward and downward movements due to FOMO (panic threat) or panic on the market.
The downward movement in the crypto money market was exaggerated as the correction began in January in the last three months. Large sales volumes were shown and the market registered a correction of around 72 percent. The last correction was the third worst correction of the market history.
However, the same trend has been seen many times and every time the market has corrected itself and improved. In 2014, this recovery process lasted a year. During this correction, BTC fell below $ 6,000, then fluctuated from $ 7,000 to $ 8,000, sometimes down to $ 7,000 and above $ 8,000.
Obviously investors are not sure of the short-term trend of Bitcoin and other crypto currencies. At such a time, the fundamentals are important, especially the adoption of crypto currencies is very important.
In South Korea and Japan, despite the negative image of Bitcoin and the crypto money market, the adoption rate of digital currencies is rising. Bic Camera, Japan's largest electronics retailer, now accepts Bitcoin. It integrates Capsule Bitcoin, the country's largest budget airline and hotel chain, into its system. South Korea's third largest e-commerce platform combines 12 crypto units.
Based on transaction volume and interests, there is certainly a bear cycle in the crypto money market, and it may take several months for crypto currencies like Bitcoin to return to their previous levels.
Still, a few analysts are positive on Bitcoin's medium term trend. Nick Cote, a crypto money trader, says Bitcoin can test the $ 7,700 level in the coming days and return to the $ 8,000 zone if he continues his momentum.
The price of bitcoin continues to struggle and other crypto money follows this tendency. At this point, most cryptographic currencies on the market are moving in a correlated fashion, and the vast majority of assets follow Bitcoin price trends. The combined price movements of crypto currencies are pointing to an unstable and immature market. In this case, until the crypto currencies begin to move in different directions, the market will remain unstable and highly volatile.
