Those calling for $20k may have a long time to wait...
If Bitcoin goes to $20k, it will represent a move that has never happened before on Bitcoin
Those calling for $20k bitcoin may be waiting a very long time.
Here's why:
(Source: https://twitter.com/rovercrc/status/1521519958676627458/photo/1)
If the price were to get that low it would lower than it has ever gotten during a bear market pullback.
Will this time be different?
BTC는 절벽에서 뛰어내렸습니다.
Your post was upvoted and resteemed on @crypto.defrag
No, it can't be. BTC has never allowed the previous ATH. You are worng!
Lol I never said it would happen?! My post is saying it's not likely to happen...
We've only had a bear market (recession) in crypto, not in legacy markets since Bitcoin has been around. Bitcoin started running as the legacy market was bottoming out. And all the money feeding crypto since then, has come from legacy markets, legacy money, Federal Reserve credit, etc…
Crypto hasn't seen a recession before, so I'm unsure what crypto will do. I'm not sure we'll see 20K, but it won't surprise me if we do see it.
Agreed. The old metrics go out the window if the FED raises rates to say something like 4%+ and we enter a recession...
Even though 4% would be nice for savings…and would make people less frivolous with debt… I absolutely would not like the economic pain that we would have to go through to get there.
Agreed. I can't believe they are raising rates at all to be honest. They won't impact the causes of inflation much with rate hikes right now unless they raise them to an extent that it destroys whatever demand there is currently, which is much much higher than current levels... The inflation is mostly being driven from the supply side, not demand side.
Maybe the FED underestimated the supply side impact...or how “transitory” it would be. Or they decided to err on the side of caution and really open the monetary spigots, inflation be damned, because they knew deflation would be worse. We haven't gone through a pandemic like this in a hundred years, so I guess I'm going to give them a little credit.
I don't have to worry about inflation, but a lot of people that have less than me, spend a lot more on necessaries, as a percentage of their total budget, than I do. And inflation is really good for those people who have financial assets, but the people who just have debt and the majority of their income goes to necessaries, inflation really impacts negatively on those people.
That said, if you have debt, and a decent income, inflation is a good thing because you can pay off that debt quicker over time. But most people don't do that in an expansion, because they're still salivating over the extra income, cheaper credit, and any other wealth effect that's being created in an inflationary cycle. Crying shame really.
Yea I actually think inflation has probably peaked or is going to peak very soon and a recession is most likely coming as the FED tries to control inflation even know they are too far behind and cannot....
Lots of manipulation to corner the market and wealth transfer! The Great Reset!