CEO Reveals Critical Area For Bitcoin Buy Signal
The crypto market is in a major rut due to the tough macroeconomic conditions. Bitcoin, in particular, is down over 60% from its all0time high. Moreover, BTC is also stuck in the $18k-$20K range for over a month now. The lack of volatility is frustrating for investors as BTC is neither surging nor reaching the bottom. However, one expert has given the key area which will give a strong Bitcoin buy signal.
Michael van de Poppe, the CEO of Eight Global and a major crypto analyst, reveals that BTC needs to break $19.4K-$19.6K clearly. He believes that breaching this level can kick-start a major Bitcoin rally.
Michael also considers the current structure of the US dollar and yields and believes that the rally may take place in 1-2 weeks.
Why Bitcoin Is Struggling
The crypto market is dependent on the macroeconomic features governing its price movement. Coinbase Research believes that the crypto market is currently in strong correlation with the broader general market. Therefore, the movement in the stock market is also visible in the crypto market.
The Federal Reserve is engaging in restrictive monetary policy to curb inflation levels in the country. Other central banks such as the European Central Bank and the Bank of England are also engaging in similar practices.
However, the Fed’s restrictive stance is causing a severe selloff in the crypto market. Bitcoin is down over 60% from its all-time high. Bitcoin has also plummeted due to the strength of the US Dollar.
The US Dollar has reached record highs and has destroyed the stability of many currencies. Bitcoin, along with the rest of the crypto market and stock market, also plummeted.
Will Bitcoin Get Buy Signal In Recession
The threat of a recession to the global economy may force the Federal Reserve to pivot from its position of hawkish monetary policy. However, the entire stock market performs negatively during recessions and if Bitcoin keeps its correlation, it can suffer negatively as well.
- Stripe Eyes U.S. Banking Charter, Pioneers One-Click Stablecoin Issuance for Firms
- Breaking: Metaplanet Expands Treasury With 5,268 BTC Purchase, Climbs to 4th Largest Holder
- BREAKING: Nasdaq Files with US SEC to List BlackRock Bitcoin Premium Income ETF
- Mr Beast, Whales Buy ASTER Token Amid 20% Crash, What’s Next?
- Breaking: U.S. Government Shuts Down After Congress Fails to Pass Funding Bill
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?
- Analyst Predicts Dogecoin Price Surge as DOGE ETF AUM Hits $20M
- Ethereum Price Eyes $8,600 As Institutions And Whales Double Down
- Dogecoin Price Prediction – Chart Set-Up Highlights Perfect Buying Opportunity With Outflows Backing $0.45
- Bitcoin Price Set to Rebound Ahead of US Government Shutdown, NFP Data
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
