Home CryptoBitcoin Bitcoin Will Remain Under Sell Pressure Due to This Macro Factor

#bitcoin #inflation

$BTCUSD

“US inflation data released Wednesday may hint at a continued bear market for Bitcoin”–Paul Ebeling

Analyst Benjamin Cowen told his 756,000 YouTube subscribers that he believes the Fed will remain financially hawkish until inflation comes back down.

He notes he used to hope BTC would hit $100,000 by 2023, but he says he doesn’t believe that is a likely scenario at this point.

He says the US dollar is in a bull market, explaining that when Bitcoin is going down, the dollar is normally going up, and vice versa.

“As long as the dollar remains in this macro bull trend, I think it’s safe to assume that Bitcoin’s going to remain under some sell pressure here. And not just Bitcoin, but in general risk assets.

The main point of all this is to say we have inflation data coming this week, and it’s likely going to be higher than it was last month, and therefore, when you look at it year over year, we’re likely going to look at this and say, ‘Well, inflation hasn’t necessarily peaked.’

If that’s the case, then the S&P — [there’s] a good chance it hasn’t necessarily bottomed, and if that’s the case, there’s a good chance Bitcoin is still in fact in a bear market.”  

Bitcoin is trading for $19,823.56 at time of writing. The Top-ranked cryptocurrency by market cap is down more than 1.5% in the past 24 hrs.

A tip of the hat to sovereign individuals with satoshis and Bitcoin in cold storage with our firm. Click here

Check Price Action

Have a prosperous day, Keep the Faith!

You may also like

logo-white

Your Trusted Source for Capital Markets & Related News

© 2023 LiveTradingNews.com – For The Traders, By The Traders – All Right Reserved.

The information contained on this website shall not be construed as (i) an offer to purchase or sell, or the solicitation of an offer to purchase or sell, any securities or services, (ii) investment, legal, business or tax advice or an offer to provide such advice, or (iii) a basis for making any investment decision. An offering may only be made upon a qualified investor’s receipt not via this website of formal materials from the Knightsbridge an offering memorandum and subscription documentation (“offering materials”). In the case of any inconsistency between the information on this website and any such offering materials, the offering materials shall control. Securities shall not be offered or sold in any jurisdiction in which such offer or sale would be unlawful unless the requirements of the applicable laws of such jurisdiction have been satisfied. Any decision to invest in securities must be based solely upon the information set forth in the applicable offering materials, which should be read carefully by qualified investors prior to investing. An investment with Knightsbridge is not suitable or desirable for all investors; investors may lose all or a portion of the capital invested. Investors may be required to bear the financial risks of an investment for an indefinite period of time. Qualified investors are urged to consult with their own legal, financial and tax advisors before making any investment. Knightsbridge is a private investment firm that offers investment services to Qualified Investors, Members and Institutions ONLY. Qualified Investors are defined as individuals who have met those Qualifications in the relevant jurisdictions. Members are defined as individuals who have been accepted into the Knightsbridge membership program. Institutions are defined as entities such as banks, pension funds, and hedge funds. If you are not a Qualified Investor, Member or Institution, you are not eligible to invest with Knightsbridge. All investments involve risk, and there is no guarantee of profit. You may lose some or all of your investment. Past performance is not indicative of future results. Knightsbridge is not a registered investment advisor, and this disclaimer should not be construed as investment advice. Please consult with a qualified financial advisor before making any investment decisions. By accessing this website, you agree to the terms of this disclaimer. Thank you for your interest in Knightsbridge.