You cant really get a more bearish chart for BTC than this. In my opinion the future is very likely to be this. Only a an incredible event can turn this around. $60,000 is a destination and $40,000 is a possibility.
So we have the US Crypto reserve becoming a thing. We have the SEC etc taking their boot off of Crypto’s neck. We have trade wars, we have global conniptions, we have all the other rando things that is meant to propel bitcoin to the moon and still the chart looks like a classic developing bust.
Trade what you see. Not what you think.
S Gold is for war, and Bitcoin is for flight and you can see Ukrainian interests selling and buying and selling their fight capital as the news flow gushes back and forth.
So what is the ‘big picture.’
The US economy is about to go into a tailspin, because of Tariffs.
(Unless this is ‘3D Chess’)
Tariffs are a sales tax on Americans, a big flat tax on everyone. The foreign guys don’t pay the tarrif, the importer does. It’s a trillion dollar tax increase. If new money isn’t printed the depression ensues. So you get stagflation or stag-deflation a drop in GDP. So then the US government cuts 15% out of its spending. OK more collapse in the general economy as that money doesn’t circulate through the US economy and 1 million government employees hit the unemployment queues and everybody goes on a terrified consumption strike and the economy folds.
So whats this to Crypto. Crypto needs fiat coming in to go up in ‘fiat’ price. When cash is to tight to mention, inflows go into reverse.
Anyone think the stock market is going to keep rising like ‘home sick angel’ now? Anyone unable to imaging the Nasdaq at 15000?
Even if the current administration plays the situations like Paganini plucking a Stradivarius the disruption now under way to going to kick the froth of risk assets, because only safety unleashes risk assets while real risks kills them dead.
Look out below.