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Market Analyst Says: “Might End” Crypto Winter as Investors Add to Position

Cryptocurrencies could see “real momentum in effect,” Oanda Senior Market Analyst Edward Moya, told CoinDesk TV “All About Bitcoin.”

Edward Moya, senior market analyst at foreign exchange exchange Oanda, told CoinDesk TV on Tuesday that it is likely that the crypto winter will be over.

Some crypto investors are starting to buy more bitcoin (BTC) and other cryptocurrencies, despite recent bad market news, he said.

“I think you’re seeing that more and more coin sellers are starting to increase their visibility and add to their positions. There’s a chance that the crypto winter could be over,” he said in “All.” About Bitcoin”.

He was speaking after last week’s market wipeout, which dashed hopes of an immediate bitcoin price recovery following the market crash earlier this year. Analysts at crypto research firm Delphi Digital wrote Monday in a report that if bitcoin follows a pattern from previous historical price cycles, it could drop to as low as 10,000 dollars before finally rising.

What’s important is whether bitcoin “continues to show” that it won’t reflect the “weakness of the stock market on steroids as we have risk-averse days,” Moya said.

Moya added that the cryptocurrency is unlikely to break out of the “changing” waters in the next few months. But if the risk appetite for bitcoin continues to grow, “we could see real momentum emerge and take the cryptocurrency much higher.”

Moya’s comments come ahead of the Federal Reserve’s economic symposium in Jackson Hole, Wyoming, where Fed Chairman Jerome Powell is scheduled to deliver a speech on inflation on Friday.

“Much of Wall Street, especially hedge funds, [are] anticipating some kind of trouble for the stock market” following Powell’s remarks, which could hint at a further rate hike. according to how high can. That, in turn, could “weigh on crypto,” Moya said.

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