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“The crypto market will find a bottom in Q2 or Q3 of 2023”

Delphi Digital: “Bitcoin is the leading indicator for the S&P 500”

If you ask Brent Xu, 2023 is also going to be a tough year. According to the founder and CEO of the cross-chain DeFi platform Umee, there is currently little positive to be seen. “The markets will find a bottom around Q2 or Q3 of 2023. We will see another six to 12 months of negative sentiment, possibly even 18 months,” Xu said.

Not very clear

Incidentally, Xu’s story is not very clear. Initially, Xu expects a bottom in the second or third quarter of 2023, but after that we may have to wait 12 to 18 months for positive sentiment. The positive sentiment is likely to return soon after we find a bottom. However, by positive sentiment he probably means a bull run.

He may be right about that. The next Bitcoin halving is scheduled for April 2024. There is a possibility that Bitcoin will show some positive price action again around that time. We usually see that the price picks up again in the run-up to the halving, because then the focus is on that event.

Solana on the slide

While Bitcoin and Ethereum are struggling, Solana is doing downright bad. In the past seven days, the coin lost 22.20 percent of its value and for the past 24 hours there is a minus of 5.54 percent on the signs. This means that the project currently has a price of $ 9.44 and a market cap of $ 3.47 billion.

Furthermore, this is mainly a period of low volatility. It is difficult to predict where the market will go and that is reflected in the prices. Bitcoin and Ethereum have been hovering around the same price for quite a long period of time. That could change very quickly, but currently the market seems to be in limbo.

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