The total value of the cryptocurrency market has dropped to $860 billion. The crypto market value, which broke a record with 3 trillion dollars in the period of November 2020, has withdrawn from the peak by 72 percent.

"Now it's best to sell Bitcoin and buy lower"

Peter Schiff

Famous gold investor Peter Schiff, one of the biggest critics of cryptocurrencies, paints the most pessimistic picture for Bitcoin. Schiff thinks that Bitcoin could drop as low as $5,000. Euro Pacific Capital CEO Peter Schiff claimed earlier in the year that Bitcoin could fall as low as $10,000. Now, pointing to lower levels by increasing the forecast, Schiff says that according to his view, it would be more logical to sell now and buy again at the bottom levels.

Galaxy Digital CEO Mike Novogratz is more optimistic

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The Founder and CEO of Galaxy Digital has predicted for both BTC and ETH, claiming that it will not fall below $20,000 and $1,000, respectively. Novogratz also said he expects stocks to fall another 15 to 20 percent. In an interview with CNBC, Novogratz expressed that he believes Bitcoin can help the troubled economy. He also believes that the Fed's tightening policy is hurting the economy. He emphasized that many companies either laid off their employees or were preparing for mass layoffs due to the inflation and high interest rates caused by the tightening.

"Bear market, temporary like any other"

brad garlinghouse

Ripple CEO Brad Garlinghouse said his company will continue to recruit despite the severe market downturn. In his latest Twitter thread, Garlinghouse addressed the community, stating that bear markets will pass as they have before. While acknowledging the fact that the market will shrink in the short term, Ripple CEO shared his views that crypto will succeed as an integral part of global financial systems in the future.

"Crypto winter may last longer than expected"

brian armstrong

Brian Armstrong, CEO of Coinbase, the largest US crypto exchange, claimed that the Fed's decision to significantly raise interest rates will lead to a prolonged recession. Coinbase laid off 18 percent of its current staff this week due to unfavorable market conditions. Writing in a letter to his employees, CEO Brian Armstrong says that the recession could lead to another crypto winter, and this one could last longer than expected.

"BTC Could Drop To $13,000"

Peter Brandt's %22Double Top%22 Warning for Bitcoin

Veteran analyst Peter Brandt said that the most important thing to do in the current bear market is to protect capital. Brandt asked traders what good is it if you don't have capital when the market starts to rise again. Evaluating Bitcoin from a technical point of view, Brandt thinks that the largest cryptocurrency can fall as low as $13,000. He defines the double top formation on the Bitcoin chart as an important catalyst that will cause the downward momentum to reach these levels.

MicroStrategy will continue to hold BTC

Michael Saylor

Although MicroStrategy CEO Michael Saylor remains optimistic in the face of extremely negative conditions, the global software company continues to write serious losses due to the sharp drop in Bitcoin price. Michael Saylor claimed in his Twitter post that even if Bitcoin drops below $3,500, his company can withstand BTC drops. MicroStrategy CEO also underlined that his company is not at risk of liquidation. Saylor says that they will continue to hold Bitcoin, implying that he maintains his optimism in the long term, while saying that his company has adjusted its balance sheet accordingly, taking into account market volatility and difficulties when making an investment decision in Bitcoin.

Charles Hoskinson is pretty comfortable in bear markets

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Cardano Founder Charles Hoskinson said in a recent interview with him that he is not too worried about the bear market. While Hoskinson stated that in bull markets, developers cannot work comfortably and have difficulty in collaborating, he looked at the event from a different angle, while saying that developers are more productive in seclusion in bear markets. Charles Hoskinson said he's seen at least six bear markets so far in his career, and as a result, he's made significant progress each time.