- October 19, 2023
- Posted by: legaleseblogger
- Category: Related News
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Analysts See Signs Indicating Crypto Winter May be in the Past as Crypto Spring Approaches
The crypto market is showing signs indicating that the long-standing crypto winter may finally be over and that crypto spring “is likely on the horizon,” according to analysts from Morgan Stanley.
In a report recently published by the Morgan Stanley Wealth Management team, Denny Galindo, an Executive Director within the Equity Model Portfolio team, highlighted the potential end of the crypto winter while acknowledging the possibility of unforeseen obstacles. Galindo pointed out that there have only been three previous instances of crypto spring.
“Based on current data, signs indicate that crypto winter may be in the past and that crypto spring is likely on the horizon.”
Denny Galindo, Morgan Stanley
Morgan Stanley’s analyst emphasized the importance of understanding the cyclical tendencies of the crypto market, particularly as Bitcoin’s halving event approaches. Galindo revealed that a 50% price increase from Bitcoin’s low typically suggests that the market has reached a trough. However, he acknowledged the possibility of significant declines following such gains.
As of press time, Bitcoin is currently trading at $28,445, representing a sharp 58% decline from its all-time high of $68,789 in November 2021. Morgan Stanley’s report also mentioned that historically, Bitcoin has experienced significant gains following halving events, which occur every four years.
The next halving event is expected to take place in April 2024 and will reduce the block reward from 6.25 BTC to 3.125 BTC. According to JPMorgan’s analysts, the Bitcoin network might witness a possible 20% reduction in hash rate (up to 80 EH/s) as it adapts to these changes. They also predicted that older mining hardware is likely to be phased out.
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