Well 22K didnt hold So if we break down new bearish target 12K
Since we are dropping so quickly to 20K so early in the bear cycle, My new thoughts for a likely target is 12K
Reasons are:
Global markets are in a abnormal bear cycle due to many global issue's.
To keep inflation under control the governments across the world are raising interest rates & we have a very nervous global market.
Issue's arising with China & current Russian aggression has created a energy shortage adding to inflation & scaring the market investors away.
Unemployment across many countries is very low ATM however with recession taking hold this may see many business & jobs fold.
So my conclusion is that if the market keeps failing from this post we are going to see the crypto market follow.
I feel this is almost a certinty to happen.
BTC next halving is around early to mid 2024 so that leaves plenty of time to grind lower & I really cant see any logical reasons why BTC will go bullish until then.
Advice for any one reading this is to trade carefully & save those dollars for the next BTC halving bull run.
Reasons are:
Global markets are in a abnormal bear cycle due to many global issue's.
To keep inflation under control the governments across the world are raising interest rates & we have a very nervous global market.
Issue's arising with China & current Russian aggression has created a energy shortage adding to inflation & scaring the market investors away.
Unemployment across many countries is very low ATM however with recession taking hold this may see many business & jobs fold.
So my conclusion is that if the market keeps failing from this post we are going to see the crypto market follow.
I feel this is almost a certinty to happen.
BTC next halving is around early to mid 2024 so that leaves plenty of time to grind lower & I really cant see any logical reasons why BTC will go bullish until then.
Advice for any one reading this is to trade carefully & save those dollars for the next BTC halving bull run.