Bitcoin $94,821.2 price Today, it climbed to the $95,200 region after 8 hours of steady rise. It was an interesting series of green candles. However, with the arrival of US employment data, the price fell to the level of $ 92,200. The macroeconomic outlook for cryptocurrencies has not seemed supportive for a while. What about Charles Edwards? cryptocurrency What does it say about his fall?
Cryptocurrencies Expert Comment
BTC price At the time of writing, it was at $93,533 and ETH fell back to the $3,200 region. Of course, this environment is not encouraging for altcoins. Some cryptocurrencies race to last year’s bottoms XRP Coin Exceptions like these are struggling to stay strong.
The fact that the most exciting period of the bull markets has not yet begun raises concerns that this cycle will be different from others. A different cycle where BTC sees new highs and most altcoins fail to follow?
Charles Edwards says:
“Markets went crazy over very high employment data. In the short term this is an extreme bearish response as less employment = more room for rates to stay high.
But strong employment numbers like today’s actually mean the bull run could last much longer than thought. This was the best data in the last 6 months and eliminates the potential for unemployment to hit rock bottom for now. PLUS, check out the crazy intraday put-call ratio reading today, which is as high as the Covid crash lows. Another bounce soon?”
According to the analyst, the appetite of those who can read the current situation correctly is still strong, and this means that a strong rise phase in cryptocurrencies may begin and will last longer. And of course Edwards doesn’t have a magic orb that predicts the future, and it wouldn’t be surprising if he was wrong.
Bitcoin 2020-2025 Fractal
Titan of Crypto in today’s review BTC Shared fractal for price correction. The chart shared by the analyst below tells us that we may see something similar to what happened in 2020. Although annoying, this assumption comes with the risk of a decline to $81,000.
“A fractal from summer 2020 may be emerging as the unemployment rate drops to 4.1% with 256,000 jobs added in December.”
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
