«Криптозима близится к завершению: эксперты предсказывают восстановление рынка» Headline: Crypto Winter Nearing Its End: Experts Predict Market Recovery

The digital asset sector is enduring a thorough «cryptocurrency winter reminiscent of Leonardo DiCaprio in ‘The Revenant’,» rather than just a temporary correction. However, Matt Hougan, the investment director at Bitwise, stated that the current phase is more likely nearing its end than its beginning.

According to Hougan, the protracted downturn began back in January 2025. However, significant inflows into ETFs and the activity of crypto treasuries, which purchased 744,000 BTC (around $75 billion) over the year, masked this decline, softening the fall of Bitcoin. Without such support, the price of the leading cryptocurrency could have plummeted by 60%, according to the expert.

Digital gold has depreciated about 39% from its all-time high of over $126,000 reached in October. Ethereum has dropped by 53% from its peak, with many other cryptocurrencies experiencing even steeper declines.

Hougan drew parallels between the current period in the crypto market and the winters of 2018 and 2022, when positive news regarding widespread adoption and regulatory progress failed to change investors’ bearish sentiment.

«Why is the fear and greed index hovering near record levels of fear when the new head of the Federal Reserve is a ‘pro-Bitcoin’ advocate? Because we are in a crypto winter,» the expert wrote.

He reminded us that crypto winters have historically lasted around 13 months from peak to trough and typically concluded not with bursts of enthusiasm but with sellers running out of steam.

In his view, the current mix of apathy and disappointment resembles conditions seen at previous market lows. Despite the overall weakness, the industry continues to advance in key areas such as regulation, stablecoins, and tokenization.

«Good news is often overlooked in bearish markets, but it doesn’t disappear. It accumulates as potential energy. When the clouds clear and sentiments normalize, this accumulated energy can return with a vengeance,» the expert noted.

The CIO of Bitwise believes that the market is currently closer to recovery than to a new crash. He specifically pointed to positive economic growth, progress on the Clarity Act in the U.S., and signs of sovereign adoption of Bitcoin.

According to Santiment’s observations, «an atmosphere of FUD» has taken hold on social media following Bitcoin’s 16% drop since late January.

The flow of negative publications continues to rise, with pessimism among retail investors reaching levels not seen since the correction in November. Analysts interpret this as a signal for imminent recovery:

«In most cases, strong periods of negativity are followed by a rebound. So far, the current movement notably resembles two previous instances after waves of FUD.»

Experts from Swissblock indicated a decline in the first cryptocurrency’s network growth and liquidity, which are at their lowest levels since 2021. They noted that similar values in the past preceded Bitcoin’s rally to an all-time high.

Currently, numbers are beginning to rise, which «seems like the final signal before a potential breakout,» the specialists emphasized.

«So far, a strange picture emerges: network data is improving while prices are falling. This suggests investors are returning, but only to sell for now. The crucial question now is whether they will stay long enough this time for the market to gain strength,» they wrote.

Continued growth in metrics could provide Bitcoin with the necessary impetus for a turnaround.

It’s worth mentioning that Alex Thorn, head of research at Galaxy Digital, has suggested a drop in digital gold’s price to $56,000.

Meanwhile, an analyst using the nickname Brett presented an even more pessimistic scenario, predicting a fall to $40,000 if the trends of 2022 were to repeat.