There's probably a motion to bitcoin's price together with the entire crypto market. Every announcement that's related to the rates set by the FED, there's an equal reaction to most markets and that's not just only limited to the bitcoin/crypto market. I am in that impression and wanting to believe that if good things come before and after this year ends, we've already seen the bottom and it's not going to be lower than that. But at the same time, this is the crypto market you expect the unexpected.
The current market conditions are chaotic, there are a lot of trust issues, FUD is all over the place, and the lack of support from big investors makes it hard for prices to go up. People tend to stick around and not invest right away even when they realize that $16K or $17K is still low. The bottom may still be reached for the rest of the year, but I don't really expect it.
It's understandable why they're hard on investing right now. We've just been into FTX and other companies that have filed for bankruptcy and announced their closure.
Can't blame if people won't trust and invest for now as that's essential for a market to be in that situation where many are doubting it. And from the news that has circulated not just on us here but also to the circles of media where they've been the headlines and daily news that has been covered.
This shall pass soon, and we'll be seeing how it'll recover.