Crypto Prices Today
Crypto prices have rallied

Crypto Prices Slumping 60%: Crash Further?

The price of bitcoin, ethereum and other major cryptocurrencies have rallied this week after the collapse of UST and LUNA last week.

Cryptocurrencies have had a tough six months. Market leader Bitcoin (BTC) hit a new all-time high in November, but has trended downward ever since. Bitcoin is trading at just under $30,000 -- down over 45% from its high, $70,000 - up from under $10,000 two years ago. While the Ethereum price has seen a similar rise.

The rest of the market has followed suit, with some altcoins slumping more than 60%.

Will crypto crash further? Most importantly, can prices recover in the long term?

Most analysts expect continued short-term volatility for Bitcoin and other cryptocurrencies. Some, such as Bill Noble, a senior analyst at Token Metrics, see a fall to $20,000 as the worst case scenario for Bitcoin.

Popular YouTuber and crypto analyst, Michaël van de Poppe, explained in his latest video that we've lost the resistance level of $37,500. If Bitcoin can reclaim it, it may be able to push higher. However, he's watching several lower levels, including prices around $32,000.

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ETH's price risks declining further

ETH's price risks declining further despite rebounding over 20% in the last three days.

ETH's price has been consolidating since May 11 inside a range defined by two converging trendlines. Its sideways move coincides with a drop in trading volumes, underscoring the possibility that ETH/USD is painting a bear pennant.

The height of ETH's flagpole is around $650. Therefore, if the price undergoes breakdown at the pennant's apex point near $2,030 then the structure's bearish target will be below $1,500, down over 25% from today's price.

Interestingly, the bear pennant's profit target falls into the area that preceded a 250% price rally in the February-November 2021 session. Also, the target is around Ether's 200-week exponential moving average (200-day EMA; the blue wave), currently near $1,600.

ETH has already been rebounding after testing the demand zone (and the falling channel's lower trendline) as support. This could push ETH/USD to reach the channel's upper trendline near $3,000, about 50% above today's price, by June.

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Crypto Crash Is Just the Start? Crypto Prices in the Long Term

Warren Buffett's right hand man at Berkshire Hathaway, Vice Chairman Charlie Munger, has been extremely vocal in his views that the value of Bitcoin may well go to $0.

Bitcoin believers point to increased crypto adoption and its potential to become the digital currency of the future. In January, Cathie Wood's Ark Invest predicted Bitcoin could reach and exceed $1 million by 2030. "We believe bitcoin is the most profound application of public blockchains, the foundation of ‘self-sovereign’ digital money," said the report.

Others, such as billionaire investor Mark Cuban, compare crypto to the early days of the internet. Cuban is a big fan of Ethereum's smart contract capability, and sees Bitcoin as more akin to digital gold.

What of Ethereum? A recent survey of 36 industry experts by Finder reflected concerns about the Ethereum merge and wider upgrade. Nonetheless, they felt ETH might reach over $23,000 by the end of 2030. It's currently trading at under $3,000.

Many of the short-term price predictions above come from traders rather than investors. Traders tend to take a short-term approach, trying to profit from price fluctuations. On the other hand, investors try to build wealth by holding assets for the long term.

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Crypto Prices in Short & Long Term After Collapse of UST and LUNA: Will Crash Further?
Crypto Predictions

'Crypto Economy'

Brian Armstrong, the chief executive of major bitcoin and crypto exchange Coinbase, has predicted there will be a massive influx of crypto users in the coming decade—forecasting 1 billion people will have used crypto by 2032. Coinbase, based in San Francisco, currently has almost 90 million verified users across 100 countries.

The "crypto economy" has grown rapidly over the last few years as businesses and services spring up around bitcoin, ethereum and other cryptocurrencies.

Decentralized finance (DeFi)—the idea that crypto technology can replace lenders and insurers—and blockchain-based digital collectibles known as non-fungible tokens (NFTs) have both become multi-billion dollar markets in just a couple of years.

Some of the world's largest technology companies, including Facebook's parent Meta and Elon Musk's electric car company Tesla, have begun adopting crypto. Meta, under chief executive Mark Zuckerberg, is looking to expand into the so-called metaverse digital world where NFTs are expected to play a significant role. Tesla has added bitcoin to its corporate balance sheet and has begun experimenting with crypto payments.

Financial giants on Wall Street have also slowly started to roll out crypto services to clients. Speaking alongside Armstrong, Ark Investment Management's chief executive, Cathie Wood, one of the biggest backers of web3—a name for the crypto and blockchain-based next-generation of the internet that some think could succeed the current Silicon Valley-centric model—warned financial companies not to fall behind.

Top 20+ Expert's Predictions For Cryptocurrency In 2022

Crypto Crash Impact Economy?

There is concern the 'crypto crash' could impact the wider economy. The breaking of the back of one of the ‘stable coins’, now it wasn’t the biggest one but to actually see something that was supposed to be locked in step with the US dollar completely disintegrate really surprised a lot of people.

This has really thrown the whole industry back by about a trillion dollars in value. If the ‘stable coins’ which are backed by real assets were to face too much pressure and you could see the crypto crash leak into the real world, the real markets.

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