While inflation has been on everyone’s mind lately, Cathie Wood and Elon Musk warn about the complete opposite: deflation.
that companies with cash holding would not dip their toes in a volatile asset until the economy has bottomed."From 2020 to 2021, there is a large number of new entrants in the space of digital assets, which pretty much doubled the total hodlings in treasuries. And as the market slowed down, everything stopped.
Bitcoin appears to have been forming an inverse-cup-and-handle bearish reversal pattern, confirmed by a flipped U-shaped price trend followed by a short uptrend , all atop a common support level called the"neckline."As a rule of technical analysis, an inverse cup-and-handle pattern's profit target is measured after subtracting the neckline level price by the maximum cup's height, as shown below.
Moreover, Filbfilb, creator of trading suite DecenTrader who accurately predicted Bitcoin's bottom in 2018, told Cointelegraph that"As it stands, the price of Bitcoin is heavily correlated to the"legacy" markets, in particular the NASDAQ, which we know is under huge pressure due to the Federal Reserve’s monetary policy," he explained."So this time"it’s a bit different" due to the high correlation and external economic forces.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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