Bitcoin will make it but might be a Long Winter: Elon Musk

Paigambar Mohan Raj
Source: Fortune

Technology tycoon, Elon Musk, believes that Bitcoin (BTC), the original cryptocurrency, “will make it.” However, the billionaire CEO of Tesla did say that there might be a “long winter.” A “winter” in finance lingo means a long period when markets are stagnant or falling. The FTX collapse has further pushed the sector into one of the most painful phases in its history.

Musk recently joined a Twitter discussion to talk about the FTX collapse. During his talk, Musk said that there is probably a future for Bitcoin, Ethereum, and DOGE. He stated,

“I can’t really speak to the others. But if you’ve got one of those three in a cold wallet and off an exchange, I think my guess is it works out well.”

Now, Bitcoin (BTC) briefly slid below the $16k mark today but recovered the price range once again. The November 2022 crash has completely wiped out the gains made during the 2021 bull run, and the fear of BTC falling even further looms fresh.

However, when Bitcoin was at its highest, many wished to have purchased the token when it was cheap. Well, those individuals have had their prayers answered. Furthermore, Bitcoin has always gone above its previous highs. Going by that record, BTC may go beyond its previous high of $69k when the markets turn around.

When will Bitcoin recover?

2022 has so far turned out to be one of the worst years in not just crypto but finance in general. It is highly unlikely that the crypto industry will be back on its feet anytime soon. And as Musk put it, it “might be a long winter.”

However, Musk previously stated on Twitter that he believed a recession might be around till the spring of 2024. Therefore, the current crypto winter may last until the same period.

On the other hand, some analysts predict that Bitcoin (BTC) will fall further before any positive movements. BTC could bottom out at approximately $10,000, according to Nicholas Merten, the creator of DataDash.

At press time, BTC was trading at $16,876.13, up by 0.8% in the last 24 hours.