Analysts of the investment fund are confident that the price of most cryptocurrencies will not actively grow until at least December 2022.
The current bear cycle may last for about four months, according to the latest report by Grayscale Investments. The study is based on a comparison of the current market situation with previous cycles in the history of cryptocurrencies.
The study explains that data on the movement of the realized bitcoin price (the sum of the prices of all BTC during their last movement, divided by circulating supply) were used to calculate the time scale of the cycle. Grayscale analysts pointed out that the beginning of the current bear market fell on June 13, 2022, and the signal for this was a decrease in the realized bitcoin price below the market.
According to Grayscale research, the market is waiting for another 5-6 months of downward or sideways movement of prices for cryptocurrencies. However, analysts note that each new cycle in the history of cryptocurrencies is shorter than the previous one by about a month. In this regard, Grayscale believes that there are about four months left until the moment when the selling price exceeds the market price, which will be the beginning of a bullish cycle.
Meanwhile, the rates of the leading cryptocurrencies show growth, setting local highs: on July 19, bitcoin approached the $23 thousand mark for the first time since June 13, and Ethereum rose above the $1.61 thousand mark for the first time since June 11.