TechFlow news — Morgan Stanley Wealth Management says recent data suggests the crypto winter may be over, and a crypto spring could be on the horizon.
The investment management firm noted that in previous crypto winters, Bitcoin's trough typically occurred 12 to 14 months after its peak. Bitcoin reached its all-time high of approximately $68,000 in November 2021 and hit bottom about a year later.
According to strategist Denny Galindo, a 50% rise in Bitcoin from its low point is usually a strong sign that the bottom has passed. Currently, the world's largest cryptocurrency has risen 70% since the beginning of the year and 77% from last year's low.
Morgan Stanley Wealth Management also pointed out that the magnitude of Bitcoin's price correction is important. Previous market bottoms saw prices fall around 83% from their peak. By November 2022, Bitcoin had declined nearly 77% to about $16,000.
