Crypto market crash: What should investors do now? Here's what experts and influencers are suggesting
The last couple of weeks has been extremely painful for crypto investors. Bitcoin dropped from an all-time high of $69,000 in Nov 2021 to a current low of $27,000.
The crash of the Terra ecosystem only made matters worse – its native cryptocurrency, LUNA, dropped from $85 at the start of this month to an unimaginable low of $0.0001644 at the time of writing.
Several investors are cutting their losses and moving out of the crypto space. Others are questioning their decision to enter the space in the first place.
With all this gloom and doom, you begin to wonder: Is this it, or is there still hope for the cryptocurrency industry? Or maybe it’s a good time to enter the market and make huge profits?
Writing for CoinDesk, Christopher Robbins, a nationally recognised journalist, argued that crypto volatility is a feature and not a bug.
Despite its high volatility, the industry has survived for over a decade, seen investors from all walks of life taking an interest, and survived several such steep drops.
In 2021, before all of this began, it was easy to claim that Bitcoin would hit $100,000. But now, with the crypto industry currently wrestling with rising inflation,
tighter monetary policies and the rampaging war in Ukraine, that price prediction looks extremely far of. However, experts still believe that the coin can touch $100,000, albeit on a slower timeline.
What happens next?
Experts and influencers are split on where the crypto industry is heading. While Michael van de Poppe hopes Bitcoin could continue towards USD 32,800 or 34,000,
other influencers believe the prices haven’t reached the bottom yet and that the worse is still ahead.
Bitcoin’s on-chain data monitoring resource, Whalemap, has identified four “do or die” support levels for Bitcoin. It analyses buying and selling of Bitcoin whales, and currently,
whales have deployed funds at these levels – USD 26,439, USD 25,666, USD 24,718, and USD 24,673. This or we (are) going much deeper,” it said in a tweet. Support is a price level where a downtrend pauses due to increased buyer interest.