If the economy enters a recession, Bitcoin may collapse, or the Fed's tough stance may lead to a long-term economic downturn, and Bitcoin may fall by more than 46% from its current value.Until the Federal Reserve starts increasing market liquidity to boost the economy, there will be no sustained bull market in Bitcoin
If the economy enters a recession, Bitcoin may collapse, or the Fed's tough stance may lead to a long-term economic downturn, and Bitcoin may fall by more than 46% from its current value.
Until the Federal Reserve starts increasing market liquidity to boost the economy, there will be no sustained bull market in Bitcoin.
Bitcoin has no obvious trend, for example, from March 2023 to October 2023, the market performance was mediocre. Breakthrough the upward channel, but failed to overcome significant resistance between $28000 and $32000. It is time to remain cautious about our expectations for cryptocurrencies.
We need to be patient and wait for real signs of optimism and more specific signs of liquidity on our side, as cryptocurrencies are very eager for liquidity.
So far, Bitcoin has performed best when the money supply has increased and risk sentiment has essentially increased, but none of this has happened so far.
Bitcoin Price Analysis
After experiencing a sustained upward trend characterized by higher highs and higher lows, prices have reached a key resistance area where the 100 day and 200 day moving averages intersect.
This is a critical moment when prices may experience a retreat and enter a downward trend or break through the region and move towards the $30000 mark.
Daily chart
Daily chart 2.5 28K 100 200
Considering the importance of this resistance zone, the likelihood of rejection is high, leading to a pullback and possibly a strong downward trend. However, the likelihood of buyers holding and pushing prices above the moving average is low, thereby restoring bullish sentiment in the market.
Regardless of the outcome, it is important to closely monitor the price trends in the coming days, as volatility is expected to intensify in the medium term.
(Personal opinions do not constitute suggestions)
Those who like you will also be liked in the future.
If you like it, please follow and bring more articles in the future,
Thank you for reading. See you next time!
Disclaimer: The content of this article is sourced from the internet. The copyright of the text, images, and other materials belongs to the original author. The platform reprints the materials for the purpose of conveying more information. The content of the article is for reference and learning only, and should not be used for commercial purposes. If it infringes on your legitimate rights and interests, please contact us promptly and we will handle it as soon as possible! We respect copyright and are committed to protecting it. Thank you for sharing.(Email:[email protected])
