Bitcoin Will Survive, But It Could Be a Long Winter: Elon Musk

• Bitcoin will survive, but it may be a long winter, tweets Elon Musk.
• Elon Musk predicts that BTC, ETH, and DOGE will have a bright future.
• BTC fell below the $16,000 barrier before recovering.

Elon Musk, the technology tycoon, believes that Bitcoin (BTC) “will make it.” The Tesla CEO did, however, remark that BTC might have a “long winter.”

The market is going through one of the most troubled times in its history due to the FTX crash. Musk lately participated in a Twitter discussion to discuss the FTX collapse. In his statement, Elon Musk predicted that cryptocurrencies like Bitcoin, Ethereum, and DOGE have a bright future. He stated,

I can’t really speak to the others. But if you’ve got one of those three in a cold wallet and off an exchange, I think my guess is it works out well.

Lately, Bitcoin (BTC) fell below the $16,000 barrier before recovering the price spectrum. The November 2022 crash has entirely undone the gains achieved during the 2021 bull run, and the threat of more Bitcoin price declines is now looming.

Additionally, Bitcoin has surpassed its historical highs; according to that record, when the markets turn around, BTC could one day reach its prior high of $69k. Bitcoin is gaining traction, and it looks like Elon Musk’s prediction might come to fruition, according to investors.

Musk did, however, previously state on Twitter that he expects a recession to last until the spring of 2024. As a result, the present crypto winter might continue for the same period. DataDash CEO Nicholas Merten predicts BTC to drop as low as $10,000 before recovery.

BTC was trading at $16,876 at the time of writing, up 0.8% in the past 24 hours. Bitcoin, Ethereum, and DOGE have all shown resilience in the face of adverse market conditions, but it’s still too early to tell if they’ll be able to maintain these gains.