Bitcoin Still Looking Healthy
For the past week bitcoin has been trading between roughly 50K and 47K as I predicted on December 3rd as BTC broke it's trend line. Upon breaking the trend, volume spiked to highs not seen since July. This forced the price to around 
42K before settling in the previously stated range. Since then we have seen volume decline. This price behavior could be in part due to uncertainties in macro forces such as real estate in China, federal reserves possible taper speed up and T Bill rate hikes. This is also reflected in the "Fear and Greed" index which sits at 27 indicating fear. However, the recent Congressional meeting regarding regulation showed progression towards better crypto regs. Add that to CPI numbers coming out as 6.8% which makes which makes Treasury bonds negative yield even deeper. Some analysts make strong claims that these numbers are deeply undervalued. Either way, in my opinion, this could be positive for assets with limited supply. Especially monetary assets such as Gold, and Bitcoin. For now, I stay with my previous prediction of trading in the 50K to 47K range before continuing higher. What's your price prediction? If you enjoy my insight (or don't) please consider tipping or leaving your valuable feedback. Thank You!
42K before settling in the previously stated range. Since then we have seen volume decline. This price behavior could be in part due to uncertainties in macro forces such as real estate in China, federal reserves possible taper speed up and T Bill rate hikes. This is also reflected in the "Fear and Greed" index which sits at 27 indicating fear. However, the recent Congressional meeting regarding regulation showed progression towards better crypto regs. Add that to CPI numbers coming out as 6.8% which makes which makes Treasury bonds negative yield even deeper. Some analysts make strong claims that these numbers are deeply undervalued. Either way, in my opinion, this could be positive for assets with limited supply. Especially monetary assets such as Gold, and Bitcoin. For now, I stay with my previous prediction of trading in the 50K to 47K range before continuing higher. What's your price prediction? If you enjoy my insight (or don't) please consider tipping or leaving your valuable feedback. Thank You!
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