Bitcoin has held above the $28,000 mark since Monday in a rally that has seen the world's largest digital asset by market capitalization rise 8% over the past week.
Denny Galindo, an executive director at Morgan Stanley, thinks that "crypto winter" may be coming to an end.
"Based on current data, signs indicate that crypto winter may be in the past and that crypto spring is likely on the horizon," he wrote in a note.
attributed his forecast to the upcoming "halving" event
analyzed several metrics that have historically signaled the bottom for bitcoin, including the time since its last peak, the magnitude of its drawdown, and miner capitulation. Based on this data, Galindo formulated the bottom for bitcoin may have already happened.
Ryze Labs Managing Partner Matthew Graham concurred with this forecast. "We strongly agree with Morgan Stanley's assessment and would probably still be quite comfortable had their report used even more bullish wording," Graham told The Block.
"It's very unlikely the crypto industry will blossom while the global economy is struggling, as there is less liquidity due to the high cost of money. A crypto spring will appear, but it will happen only after a soft landing in the U.S.," YouHodler Chief of Markets Ruslan Lienkha told The Block.
Fantom Foundation Director Andre Cronje echoed this sentiment
"Look at the property market, it is only now slowing down and that bubble hasn't popped yet, recession hasn't even kicked in fully yet. Speaking purely from an investor value perspective, we are definitely not seeing the end of crypto winter,"
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