At the time of writing these lines for you the cryptocurrency market was in green, this if we take into consideration that in the last 24 hours it has experienced an estimated increase over 1%, registering the Bitcoin price action the $27,914 and 1.5% recovery.
The scenario is still very optimistic, now according to information disclosed by Marcel Pechman of Cointelegraph, there are three reasons why Bitcoin is struggling to rise above $28,500, in this sense "Bitcoin started the week with a rebound in investor sentiment, but there are three main factors that prevent the price of BTC regain the $30,000 level".
According to Pechman, "While the recent rally toward the upper end of the current price range was likely encouraging to investors, recent comments from U.S. Federal Reserve representatives reiterated concerns about an impending economic recession"
Continued Pechman stating that "Macroeconomic forces are putting downward pressure on the price of Bitcoin. On October 2, U.S. Federal Reserve Vice Chairman for Oversight Michael Barr stated in New York that he expects economic growth to slow "below potential" due to rising interest rates constraining economic activity."
He also noted that "the full impact of current monetary policy has yet to be realized. According to CME's FedWatch tool, the market is currently evenly split on the likelihood of another Fed rate hike in 2023"
I would like to know your appreciation with the aspects discussed here.
SOURCES CONSULTED
Cointelegraph. 3 reasons why Bitcoin is struggling to rally above $28.5K. Link
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The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
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Strangely there is a delay between Bitcoin appreciation and the halvening. We all know it is going to happen; Except perhaps for Elon Musk who apparently bought 25,000 BTC without ostensibly knowing about proof of work. So, we should see many miners unplug when the halvening happens, and block confirmations will become slower and result in a temporary disruption. This should only effect those who use Bitcoin properly, on chain and non-custodian. I don't see how someone moving money within the an exchange is going to have different experience. The hashing power is going to drop obviously and that is what turns some people off.
Hello @leprechaun
Good point, we will certainly face that scenario where miners will choose to disconnect when the halving occurs, however, beyond the hash power there are variables external to the protocol that are creating discouragement among investors.
Best regards, be well.
Believe it or not. This gives me hope. I can use less fiat to buy Bitcoin should the price go down and over time it will probably not lose too much and potentially gain a lot more. Than there are the intrinsic properties that are not connected to how it gains value over the dollar which makes it a good currency to keep on hand. I really hope it stays low as I bought a bunch of dollars recently. The repeating pattern of the BTC in USD price shows it should stay low for several months.