BTC/USD Forecast: Still Doing Nothing

If monetary policy is relatively tight, Bitcoin has very little chance of achieving anything significant. BTC/USD initially tried to rally on Thursday, but gave back what little gains it had in lackluster trading. To be fair, institutional volume in the Bitcoin market continues to decline, and it didn’t help that it was Thanksgiving. However, the reality is that most institutional money is fleeing Bitcoin because it is now a toxic asset. Advertisement Test this trading proposition with the best BTC/USD broker Get started image When monetary policy is relatively tight, Bitcoin has very little chance of achieving anything significant. While we are starting to see talk that the Federal Reserve has leveled off its interest rate hikes, the reality is that Bitcoin has a few other issues going on as well. The first, of course, is that property cannot be used as money. Yes, I always have arguments about how to move it around the world, but what good is it if it loses 70% a year? It’s not money, it’s speculative property. I have no problem speculating, but we have to call it what it is. Bitcoin will not become money anytime soon, if at all. Frankly, central bank digital currencies will come and destroy Bitcoin. I don’t like the idea of ​​these digital currencies, but you and I both know that the average person is much more likely to trust the Fed than a mysterious person that no one can name. See Rallies as Selling Opportunities Additionally, cryptocurrencies have a serious fraud problem and it’s really starting to make headlines. All monetary systems and economies are based on trust. Right now, crypto is trusted by very few except the absolute „hardcore”. In this environment, one should always look for an opportunity to sell it to someone else during a crypto rally. It’s a bigger dumb theory on the way up, and it’s a bigger complete theory on the way down. I think eventually we’ll hit $12,000 and maybe grind sideways there. As part of the buffer, we could be looking at $10,000 below that. I expect Bitcoin to do nothing for a long time, so I can start building a position in that general vicinity, but even then I have to seriously consider it. Crypto is currently at a point where it will either catch on or disappear entirely.

Dodaj komentarz

Twój adres e-mail nie zostanie opublikowany.