IF it follows the same patterns as it has in the past, it's price could easily go lower yet - and that has nothing to do with the disfavourable macroeconomic environment. Two years ago my prediction was for it to bottom around $10K (+/- a huge st. error on the prediction) based on "normal" bitcoin patterns. It hasn't even done anything unusual yet!! The latest drop is right on schedule, irrespective of the interest rate hikes (which of course also hinder BTC's price.) IF it follows the same patterns as before, it probably won't follow up with a "significant bounce" (depending on how one defines that... for me going from $10K to $20K on bitcoin is not yet a "significant bounce"). It will be a long, meandering whipsaw climb followed by some sort of a frantic blow-off top at new ATH in 3-4 years. None of these are face-value predictions. This is what it has always done (so far) and so IF it continues the same patterns then this is what it will do.
Good Job mister! BTC slept for more than a week. You just woke up BTC and it has gone down to 18560. please make sure it doesn't sleep again.
Its because there is still an endless amount of funny business in all corners of the market and economy. Energy is starting I think to show how important reality is. Energy cannot be printed, and the price is reflecting this. You either have it to sell or you don't. When it comes to our monetary system, there are still too many ways to manipulate it, but even this door is closing. We see the Fed only has interest rates as a tool, and as it is, higher interest rates is what's needed for having any chance of fighting inflation (even if this time its a supply issue and not a demand issue.) Enough people think the government already cannot afford the interest expense on the debt given the amount of tax receipts, so even interest expense payments will have to eventually be printed! Who knows how long until the printing games stop, but we must be close. When you need to use one credit card to pay off another credit card, that can't go on much longer. But the bigger issue I think is with all of this rehypothecation. Bitcoin bulls talk about it all the time, and treasuries, being a pristine asset, suffer from this. Nobody knows who has what. In fact, all the repo business blowing up the past year or two was supposedly the Fed having to come in and bail out lots of entities that couldn't borrow because they had no good collateral to lend in order to keep afloat. The market itself is too scared to lend to some entities because of a huge risk of not getting paid. So if you ask me, bitcoin being a bearer asset with 100% conclusive proof of ownership and ability to transfer so easily will see its day in the sun fairly soon. Its all actually happening like some predicted. First the poorest countries collapse because they need dollars that they cannot get, which strengthens the dollar, as we see, and then the strong dollar implodes the US. When we see bitcoin rise, could it not be the case that everyone and their mother rushes in? And this isn't gonna be just a case of a pump and dumb like GME or AMC. This will be people buying to hold it, taking it off exchanges, into cold storage. We will see rehypothecation become a common word. Here in the west, many people admit that we don't yet "nee" bitcoin because we have access to credit and savings options. But many parts of the world don't, and their life is immensely improved with crypto. The system will clearly work for everyone at every extreme. I know this last part sounds stupid, but its so true. Many didn't want to buy at 4k in 2020, but did buy at 50k and 60k like me. Well now its 18k, and many still don't want to buy. Fine, if it gets to 15k or 10k even better. But will they need to see a move back to 30k in order to get bullish? With they want to see ATH break at 70k in order think its not going somewhere? If everyone put just 1% into bitcoin, if only as a hedge or lottery ticket, imagine what that would do to price!
Aftershocks: 3AC's collapse reverberates through crypto ecosystem SINGAPORE -- Creditors are trying to claw back assets they had placed with Singapore crypto hedge fund Three Arrows Capital, which was toppled by the massive market correction in the prices of digital tokens. In the wake of the debacle, the city-state is set to get tougher on cryptocurrency companies. Read more. Paywall
Only WD GANN can predict the right time of movement in any stock . Unfortunately , he is not with us . Sorry for the inconvenience. But crypto bull run is goona happen .