*THIS IS NOT FINANCIAL ADVICE! DO YOUR OWN RESEARCH!!*
The cryptocurrency market has finally started to make what seems like a recovery after several months of falling crypto prices. Most of the recent rally was due to the merge date (or potential merge date) of the Ethereum blockchain being set for September 19th of 2022. This comes after terrible events occurred around the same time in the crypto space. First we had the collapse of the Terra blockchain, then we had Celsius and Voyager declaring bankruptcy. Many seem to have become bearish on the crypto market.
June saw Bitcoin drop below $18k and then bounce back to $20k. Some people have been saying that Bitcoin could crash as low as $13k before another bull run occurs. Right now, there seems to be an upward trend occurring. This rally could just be a dead-cat bounce, especially considering all the external factors at play. The world, after all, isn't seeing the best of times at this current moment.
Inflation seems to be soaring around the globe thanks to the coronavirus pandemic, stimulus checks, global trade stagnating, and the war in Ukraine. All of these things paint a pretty nasty picture for the economy, however Bitcoin could be the saving grace throughout this whole thing. If Bitcoin can recover during this turbulent time, I will be shocked, but it will most likely cause people to take it more seriously. It is digital gold after all.
For a full recovery of both Bitcoin and the rest of the crypto market, there is a long way to go. Just this year alone, we have seen Bitcoin fall more than 50% of it's yearly high not to mention it's all-time high. Crypto as a whole recently recovered the $1 trillion market cap. This is a promising sign, however, as previously mentioned, the world economy is not doing great, so it might not hold. But the dream is still alive. Perhaps we might just see the Bitcoin dream of 1 Bitcoin equaling $100k by the end of 2022.
We have to keep the dream alive until it's not possible to do anymore.
