Has Spring Arrived For Bitcoin, Ethereum & the Crypto Market? Here’s our Take

Vinod Dsouza
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2022 started off on the backfoot for Bitcoin, Ethereum, and the crypto market in general. The market saw a crash in mid-January that made BTC fall below the $38,000 mark. BTC dragged the other coins down with it wiping away all profits generated last year.

Just when the market dusted itself, the Russia-Ukraine war sent the markets tumbling and BTC fell below the $36,000 mark. Nonetheless, Bitcoin is having a good run this month and is trading at $46,700 today. The total crypto market volume over the last 24-hours reached $102.73 billion, which is a 12.47% increase.

The overall market sentiment seems to be positive as signs of recovery are showing up on the charts. Even CoinTelegraph published an article on Crypto Ed’s prediction where he states that he’s “very bullish” on Bitcoin. Crypto ED then went ahead claiming that he expects BTC to reach $80,000 and there are many steps it needs to take before it pushes to a new high.

Read Also: This Ethereum Killer Looks ‘Super Bullish’, May Breach Its ATH, Predicts Crypto Analyst

Is It Spring Time For Bitcoin, Ethereum & Should You Buy Now? Here’s Our Take

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Remember last year, several analysts predicted that Bitcoin will reach $100,000 by the end of 2021? Well, people who believed it and invested are all toast right now.

The fact of the matter is that Bitcoin will eventually go above the $80,000 mark, but that’s for the long term. You need to differentiate between Crypto Ed’s predictions and read between the lines. The $80,000 BTC prediction is mostly for investors and not traders.

Investors have a long-term approach and plan on building their wealth over a period of years. On the other hand, investors regularly move in and out of cryptos to make quick gains and look for the next opportunity. Also, being a long-term investor isn’t easy as it needs patience and conviction to hold on in this volatile market.

Read More: UK Government Announces Its Plan to Adopt Stablecoins as Legal Tender

Here’s A Real Advice

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Take every financial analyst’s prediction, especially on Bitcoin and Ethereum with a grain of salt. The only prediction you can count and solely rely on is your own gut feeling. Do you really believe Bitcoin will breach the $80,000 mark anytime soon? If yes, then analyze your financial situation first before going all-in on Bitcoin. Weigh-in how much you can afford to lose if things don’t go as planned so it doesn’t financially cripple you.

Financial analysts are aplenty and predictions fly off the shelves every day in the market. Some predict Bitcoin will cross $100,000 while others say BTC’s bubble will burst.

In conclusion, don’t increase your risk apatite as Bitcoin is known for having wild swings. Analyze your finances and invest based on what you can afford, as the best financial advisor is no one but you.

Read More: Q1 Report Card: How have the top 100 cryptos, led by Bitcoin, fared over the past quarter?