What Bitcoin Needs To Regain Its Higher Marks, Analyst Explains
2022年9月9日 - 8:46PM
NEWSBTC
The crypto market crash started from the Feds and its fight against
inflation. The announcement to increase interest rates caused a
panic that created doubts in the minds of crypto investors. As the
Federal Reserve implemented the plan, the overall financial
markets, including crypto, plunged. Another factor that
helped push crypto prices down was the crash of Terra Luna USDT.
The algorithmic stablecoin depegged, leading to massive losses that
plunged the market into oblivion. Since then, crypto prices have
fluctuated in a terribly prolonged crypto winter. Related
Reading: Serum (SRM) Price Looks Set After Hibernation, Can Price
Go To $1? Cryptos such as Bitcoin and Ethereum lost their massive
gains, and many crypto projects disappeared completely. But
the Summer Hasn’t Been Good Either Some analysts opined a
price rally as the market lamented over the continuing crypto
winter. But unfortunately, these predictions seem to be delayed as
the crypto market records more fluctuations. For instance,
Bitcoin has lost more than 37% since the market downtrend. June
2022 brought a lot of price crashes for the coin like never
recorded before. The next month, July saw a little gain of 17% in
BTC price, but that rally was short-lived. The coin lost everything
and is now trading below the $20 mark. Bitcoin even dived
deeper on September 7 when the price plummeted below $19K; it
recovered quickly. So what’s the way forward for the number one
crypto? Analyst Indicates A Solution To BTC Recovery While
the investors await a price rally for Bitcoin and others, an
analyst has indicated that such occurrence depends on the Federal
Reserve. Dan Nathan, the RiskReversal Advisors principal
stated this during the popular CNBC’s “Fast Money” episode.
According to Nathan, Bitcoin can only reverse to a bullish trend if
the Feds change their stance on the inflation fight approach.
Recall that in the last Federal Reserve annual meeting held on
August 26, 2022, Jerome H Powell made a speech that caused concerns
for investors. The feds’ chair declared a more aggressive approach
in the agency’s fight against inflation. Before the meeting,
Neel Kashkari suggested using the Vokcker approach. Given that
Kashkari was initially dovish in his stance, the crypto community
became worried. Powell intensified the panic when he announced that
the agency would intensify its strategies. So, the likelihood of
the feds pivoting in its approach is farfetched. To say that these
outplay affected crypto prices is an understatement. Many coins
started a downward trend from that day and are still at it until
now. The short-lived rallies are no match for the frequent
pullbacks. Related Reading: On-Chain Data Shows Bitcoin Whale
Dumping Behind Dip Below $19k Bitcoin dominance has plummeted to
its lowest ever. Nathan even stated that the coin is trading like
an ordinary stock currently. So, a rally for the number one crypto
may not be possible this 2022, given that the feds are not about to
pivot. Featured image from Pixabay and chart from TradingView.com
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