Grayscale predicts that bear market conditions in the cryptocurrency industry may continue for another 250 days, based on past market cycles.

In its latest report, Grayscale made a prediction about when the market could return by considering bear market conditions in cryptocurrencies.

According to the research of the digital asset management company, the cycles in the crypto money markets take an average of 4 years. Grayscale put forward the view that with the best estimate, the current conditions can continue for about 8 more months.

Bear Crypto

On the other hand, Grayscale pointed out that the period when Bitcoin reached its highest value with $ 69,000 in November last year took longer than the recovery cycles of the past periods. Based on this development, the company commented that the crypto markets are starting to mature and offered the prediction that bear market conditions may also last shorter than previous cycles.

Grayscale said that one of the most important factors that ensure the maturation of the markets is that individual and institutional investors trust the market more than in the past. In addition, the digital asset manager added to his report that he sees the price of Bitcoin at $ 20,000 as a serious buying opportunity.

Grayscale acknowledged that each recent market cycle has different dynamics and added that he believes the cryptocurrency industry will continue on its way with a stronger structure at the end of the cycle.

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"Cryptocurrencies have changed the way global finance works"

The Central Bank of Nigeria (CBN) acknowledged that it is bringing innovations to the financial sector as cryptocurrencies mature. CBN chief Godwin Emefiele argued that despite the current risks associated with cryptocurrencies and fintech, they provide benefits such as financial inclusion, promoting growth and lowering poverty levels. In line with this, Emefiele said that financial institutions should rethink their approach to regulating the emerging sector.