From Silence to the 40K🌩️⚡🚀✨ (Amidst Economic Tremors 🌋)
Updated
First of all let's talk charts. Nothing has changed since this:
and this
Now let's talk fundamentals:
We saw Bitcoin rebound off lows when US Banks came into serious trouble. Clearly BTC acted as a safe haven and this quality remains it's supoer-power.
The global financial landscape is in turmoil as Fitch Ratings downgrades US credit rating from AAA to AA+. The downgrade was driven by consistent governance standards deterioration and increasing debt burden of the American government.
A small sell-off in global stock markets takes place now with Japan's Nikkei 225 and Hong Kong's Hang Seng indices experiencing their worst hits, plunging by 2.3% and 2.5% respectively. European markets have also taken a hit, with the Stoxx 600 falling to its lowest level in two weeks. Similarly, US stock futures, including the S&P 500 and the Nasdaq, have seen declines in pre-market trading. They are priced quite high now close to ATHs and I wouldn't be surprised if they do achieve new ATHs this year! So, I am not fond on going short on Nasdaq for example... Not too eager to go Long either. Add to this the fact that the correlation between Nasdaq and SP500 to Bitcoin has fainted away in recent months!
Fitch's decision reflects the fiscal deterioration expected over the next three years, heightened government debt, and governance issues related to repeated debt limit standoffs. Despite this, analysts at Goldman Sachs believe there won't be any forced selling due to the downgrade. I agree.
While previous downgrades have negatively impacted market sentiments, forced selling wasn't apparent, indicating that the market might have already adjusted to the change.
Amid these global economic shocks, the stage is set for Bitcoin's potential rally. The cryptocurrency has often seen bullish movements in response to systemic risks, and this scenario might just be the catalyst for its awakening to breach the 40K resistance.
An then there is halving around the corner, to add to my expectations.
One Love,
The FXPROFESSOR🚀✨
PS. What's 40k for Bitcoin after all? It's nothing!
and this
Now let's talk fundamentals:
We saw Bitcoin rebound off lows when US Banks came into serious trouble. Clearly BTC acted as a safe haven and this quality remains it's supoer-power.
The global financial landscape is in turmoil as Fitch Ratings downgrades US credit rating from AAA to AA+. The downgrade was driven by consistent governance standards deterioration and increasing debt burden of the American government.
A small sell-off in global stock markets takes place now with Japan's Nikkei 225 and Hong Kong's Hang Seng indices experiencing their worst hits, plunging by 2.3% and 2.5% respectively. European markets have also taken a hit, with the Stoxx 600 falling to its lowest level in two weeks. Similarly, US stock futures, including the S&P 500 and the Nasdaq, have seen declines in pre-market trading. They are priced quite high now close to ATHs and I wouldn't be surprised if they do achieve new ATHs this year! So, I am not fond on going short on Nasdaq for example... Not too eager to go Long either. Add to this the fact that the correlation between Nasdaq and SP500 to Bitcoin has fainted away in recent months!
Fitch's decision reflects the fiscal deterioration expected over the next three years, heightened government debt, and governance issues related to repeated debt limit standoffs. Despite this, analysts at Goldman Sachs believe there won't be any forced selling due to the downgrade. I agree.
While previous downgrades have negatively impacted market sentiments, forced selling wasn't apparent, indicating that the market might have already adjusted to the change.
Amid these global economic shocks, the stage is set for Bitcoin's potential rally. The cryptocurrency has often seen bullish movements in response to systemic risks, and this scenario might just be the catalyst for its awakening to breach the 40K resistance.
An then there is halving around the corner, to add to my expectations.
One Love,
The FXPROFESSOR🚀✨
PS. What's 40k for Bitcoin after all? It's nothing!
Note
💎 BitMart VIP: bitmart.com/invite/FxProfessor/en-US – Find details on fxprofessor.com
🌟 CRGPT Token: Join the Crypto AI Revolution cryptogpt.io/
🌐 Public Telegram: t.me/fxprofessor88
🌟 CRGPT Token: Join the Crypto AI Revolution cryptogpt.io/
🌐 Public Telegram: t.me/fxprofessor88
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.