Speaking during an interview with Bloomberg Technology, Kavita Gupta, the founder of the Delta Blockchain Fund, claimed that the crypto winter is similar to previous price movements that occurred especially after Bitcoin hit its all-time high.
As Bitcoin tries to stabilize around $30,000, Gupta believes BTC could drop to $14,000 due to the bear market. The manager stated that this situation will also affect Ethereum and added:
"I think we're just at the beginning of crypto winter! The bear market may last at least a year and a half. I don't believe Bitcoin will rise to $45,000, $50,000 or $60,000 again in the process. It's also surprising that investors expect Bitcoin to stay at $30,000. I expect it to drop to the $14,000 level.”
Despite the crypto winter, Gupta noted that Bitcoin will set a new record at the end of this process. According to the manager, the correction in the market will give the opportunity to buy from the bottom, allowing more investors to enter the sector. Thus, the adoption rate of Bitcoin will increase even more. Additionally, Gupta emphasizes that institutional investment will gain momentum as more companies continue to incorporate Bitcoin into their balance sheets.
Commenting on the TerraUSD collapse, the manager stated that the market was shaken, but this is important for the regulation process for stablecoins. Gupta believes that most stablecoins will aim to be pegged to the price of another cryptocurrency without being tied to the dollar, so as not to suffer the same fate as Terra.
While the Terra nightmare affected the price of Bitcoin, it also caused massive volatility in the cryptocurrency market. Economist Harry Dent thinks the price of gold will fall. The famous name said that gold is also in a bubble and will lose momentum. Dent predicts that gold will drop to $900 to $1,000 in the next year or two. While the economist also suggests that Bitcoin is the "biggest bubble" at the moment, he projects a price of "half a million to a million dollars" for Bitcoin by 2037 as the economy recovers. However, according to the expert, Bitcoin will first crash into the $3,000 to $7,000 range. Recalling the gold standard, Dent said:
“Bitcoin will be the new digital standard for money. If we had this crash in the next two years, the number one thing I would buy would be Bitcoin or Ethereum.”