I just re-watched a video that was circulating on Twitter a few days back, I think about 4 or 5 days ago when the Federal Reserve Chairman Jerome Powell stylish admitted and called recession the new normal in the United States, it is funny how the federal reserve board or the United States government never want to admit directly that the United States has fallen into recession due the high inflation and interest rate but would always find a way to justify why the United States is in recession.
I have forgotten how exactly they evaded admitting the United States is in a recession some few months back and now recently on the day of the FOMC meeting announcement when the FED hiked the interest rate by 0.75% or 75 bps, the FED's chairman stylishly said that the United States was in recession but justified it by comparing now to the Covid 19 era.
Speaking of the day of the interest rate hike, that day was not a fun day for and in the crypto market because the crypto market did not react to it well or should I say a lot of people did not take the 0.75% interest hike news well which led to negative sentiments across the crypto industry and a lot of people started panic selling.
But honestly, the panic selling created an opportunity for those who were ready to take advantage of the fear in the market that day to stack up more coins as cheap as possible and as much as they can, no matter how we might not like the bear market we have just to admit that it has some good opportunities that come with it like cheap prices for all the coins in the crypto market and opportunity to get our preferred coin cheaper than we would have in the bull market.
Everyone is always been carried away by the pumps and little profits that are being made in the bull market that they tend to forget that the most money in the crypto market is been made by those who took advantage of the bear market and stacked up their portfolios like crazy. Now back to the United States and the recession status which will never be admitted by the FED or the United States government but we already know the truth even if they don't admit it, still I have to ask would the recession continue, or is there a plan to fix it?
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Well, I think 2023 will be flat for markets. Certain "events" could actually help BTC escape this and experience upside... but not without them. It's also important to remember that a bottom does not necessarily imply upside, it just means that prices are not heading lower.
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