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Bitcoin did a wick into its current levels on December 3rd. Therefore, some traders were expecting this are to be fill before the bulls could take another swing at new highs. In the short term, BTC’s price is yet to stabilize and could dipped further into the high $30,000s and $40,000.
Sitting at a 40-year record, inflation could continue to rise which will led to a spike in interest rates and a liquidity reduction in the markets. With a more hawkish FED, this possibility is quickly becoming a reality felt across the global markets as Gold, Bitcoin, and the S&P 500 moved to the downside.
the first born (cryptocurrency) is rapidly transitioning toward becoming the world’s digital reserve asset (…). The “don’t fight the Fed” mantra may already be pressuring the broad crypto market, with companionship from peaking commodities.In the short term, the $30,000 level that worked as support for Bitcoin in 2021 could still prove solid in 2022, but McGlone believes it’s “unlikely” that BTC will revisit it.
Bitcoin To Outperform Global Market In 2022?
The expects has had a bullish stance for Bitcoin and Ethereum for the past years and maintains his conviction for the coming months. An overall risk-off economic environment could trigger more downside pressure, but the $100,000 price mark remains intact.Stretched markets have become common, but commodities and Bitcoin appear to be early reversion leaders. It’s a question of bull-market duration, and we see the benchmark crypto coming out ahead.
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