The pseudonymous host of popular crypto market commentary show Coin Bureau says that the crypto markets have yet to reach a point of “peak capitulation” in the bear market.
Speaking in a recent YouTube update, Coin Bureau’s host “Guy” told viewers that he believed the crypto markets were in for another massive price crash.
According to the host, crypto’s “massive purge” in the second quarter of 2022 has now entered a period of recovery. However, Guy says that the macro factors leading to the earlier market crash have yet to be resolved, and that it is only a matter of time until investors realize this to be the case.
As reported on July 28 by The Daily Hodl, he said,
It’s only a matter of time before the markets realize that all the macro factors which caused the recent crypto crashes haven’t been resolved, and this could take crypto to new lows.
Guy argued that the crypto markets had yet to experience a point of “peak capitulation.” He noted a number of popular institutional investors, such as Shark Tank’s Kevin O’Leary, claim that the markets have yet to reach a point of “total panic.”
The Coin Bureau host also pointed to trading metrics, such as volume, that give indication that the bear market had yet to reach a zenith.
Although crypto prices have taken a beating, recall that the number of daily DeFi users has remained relatively stable by comparison, that trading volumes have barely budged and that Bitcoin’s hash rate continued to climb even while BTC’s price crashed. If what we saw over the last half year had truly been maximum pain, then it stands to reason that all these metrics would have fallen by much more.
Guy predicted that the current recovery rally would be brief and extend until September, when Ethereum is expected to undergo is long-awaited Merge update. He also cited rising energy costs later in the year as a confounding factor for another crypto market crash.