Cryptocurrency

Bitcoin

<div class="finbold">
 <p class="paragraph">Following his observations of a concerning trend in the cryptocurrency market, Bloomberg’s senior commodity strategist has more recently predicted a lingering ‘crypto hangover,’ which he believes will continue throughout the fourth quarter of 2023.</p>
 <div></div>
 <p class="paragraph">Specifically, based on historical patterns, Mike McGlone has noted that Bitcoin (BTC) may need to fail first as a prerequisite “for Fed[eral] fund futures in one year (FF13) to trough and indicate that liquidity is being turned back on,” as he explained in an X post shared on October 3.</p>
 <figure class="wp-block-image aligncenter is-resized"><img decoding="async" loading="lazy" src="https://thebittimes.com/image/getimage/?url=https://lh5.googleusercontent.com/EI4c72DqAYBMUnFCKPUwcVhHEnEgy0EQ2rNabR9NBmBsOgCBOxDksgngi_Cgv5iebh5O9qUKa_z5lWXHI_EmKWMf3ilc3ACG6h2j3bvLovLt6ETjK0EXguWwKIaSELXvHY7CGKms4B7EGotAF9GicUs" alt width="700" height="514">
  <figcaption class="wp-element-caption"><em>Bitcoin vs. Federal funds future in one year. Source: </em><em>Bloomberg Intelligence/Mike McGlone</em>
  </figcaption>
 </figure>
 <p class="paragraph">In other words, “declining Bitcoin has preceded Fed pivots,” despite the Fed likely not caring about the maiden cryptocurrency, but “its 24/7-traded, leading-indicator status could be gaining traction.” As McGlone specified:</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“The bottom line for Bitcoin at the start of 4Q may be that liquidity remains negative, with price implications. Coming of age in a zero-interest-rate world, the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> <a rel="noopener noreferrer nofollow" title="hangover" href="https://thebittimes.com/tag/hangover.html">hangover</a> could be enduring as global rates continue to rise, despite recession signals.”</p>
 </blockquote>
 <div class="not-prose relative overflow-auto scrollbar-hide mb-8 mt-8">
  <div class="relative w-full flex gap-6 snap-x snap-mandatory overflow-x-auto">
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/10/04/311c96700aac8917ad0d413c24f9ad41.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="us-debt-climbs-by-over-half-of-bitcoin-s-market-cap-in-a-day">US debt climbs by over half of Bitcoin’s market cap in a day</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/10/04/fe49dfc50e15d92b18117b5a406f5c6b.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="bitcoin-congestion-is-no-more-btc-network-reaches-record-lows-on-pending-transactions">Bitcoin congestion is no more: BTC network reaches record lows on pending transactions</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/10/04/1e3414c6a97bac9276dda3b9c30d5855.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="3-best-performing-cryptocurrencies-out-the-top-100-in-2023">3 best-performing cryptocurrencies out the top 100 in 2023</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/10/04/c7dc7058fe5a54f7036b78305403d94c.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="bitcoin-must-stay-above-this-level-or-it-s-goodnight-to-the-bull">Bitcoin must stay above this level or ‘it’s goodnight to the bull’</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/10/04/e5800026164823fe9a090068f69a0a71.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="crypto-recession-alert-mike-mcglone-signals-troubles-ahead">Crypto recession alert: Mike McGlone signals troubles ahead</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
  </div>
 </div>
 <div class="mb-4 bg-slate-50 rounded-md layout-adjustment">
  <div id="finbold.com_middle" style="min-width: 300px; min-height: 250px;">
  </div>
 </div>
 <p class="paragraph">Earlier, the finance <a rel="noopener noreferrer nofollow" title="expert" href="https://thebittimes.com/tag/expert.html">expert</a> pointed out that <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>s were grappling with the specter of a recession and that the third quarter’s weakness in the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> space could either be a transient recovery blip or a more ominous sign of an impending recession, as Finbold reported on October 2.</p>
 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin price analysis</h2>
 <p class="paragraph">Meanwhile, Bitcoin was at press time changing hands at the price of $27,578. This represents an increase of 0.42% in the last 24 hours, as well as still holding onto the gain of 2.88% across the previous seven days and the 6.56% increase on its monthly chart, as per the most recent data on October 4.</p>
 <figure class="wp-block-image aligncenter size-large"><img decoding="async" loading="lazy" width="1024" height="683" src="https://cdn.thebittimes.com/images/2023/10/04/cd150f5332bdd771051a960080068822.webp" alt class="wp-image-131217" srcset="https://cdn.thebittimes.com/images/2023/10/04/cd150f5332bdd771051a960080068822.webp 1024w, https://cdn.thebittimes.com/images/2023/10/04/cd150f5332bdd771051a960080068822.webp 300w, https://cdn.thebittimes.com/images/2023/10/04/cd150f5332bdd771051a960080068822.webp 768w, https://cdn.thebittimes.com/images/2023/10/04/cd150f5332bdd771051a960080068822.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin 7-day price chart. Source: </em><em>Finbold</em>
  </figcaption>
 </figure>
 <p class="paragraph">As the commodities <a rel="noopener noreferrer nofollow" title="expert" href="https://thebittimes.com/tag/expert.html">expert</a> concluded, Bitcoin gaining in 2023, along with most other risk assets, “may be a short-covering rally,” adding that “$30,000 remains pivotal Bitcoin resistance, with risks tilted toward $10,000,” whereas he retains his recession outlook in the United States by the year’s end.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
 <p class="paragraph"></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/commodities-expert-warns-of-lingering-crypto-hangover-tbt65082.html">https://thebittimes.com/commodities-expert-warns-of-lingering-crypto-hangover-tbt65082.html</a></p>

Commodities expert warns of lingering crypto hangover

목차

TheBitTimes

2023년 10월 4일에 게재된 다른 기사

As the trial begins, Sam Bankman-Fried sues the insurance company for defense expenses.

Lama Tertidur, Akun X Satoshi Nakamoto Kini Bangun Kembali

Xbox crypto wallet rumors raise hopes: How other tech giants navigate cryptocurrency

Satoshi Nakamoto’s Twitter account stirs after five years

Coinbase vs. SEC: Regulator Pushes Back Against Exchange

Sam Bankman-Fried’s trial begins with jury selection

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!