Greetings to all readers of this great platform, especially to those who make active life within the great community of #LeoFinance, in the present opportunity I want to talk a little about the crypto market, this is mainly due to the static behavior of the market price which is always guided by the BTC, and in its first week of the year 2023, it really had a behavior very similar to the last weeks, totally static without a path to go.
 Screenshot taken at: PixaBay |
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The crypto market continues to show no signs of a way to go, it is already ending the first week of the year and it really continues without giving any kind of signal, since it is not heading in any direction but this does not mean that there is stability, the reality is that this only generates anxiety, thinking that at any moment it will continue to fall, since it does not show strength to consolidate a price zone that allows it to continue rising in the coming weeks or even months.
It is true that it is currently close to 17k in terms of market value, that it managed to recover a little value these last few days but that price does nothing, since in the BTC market being the token that governs the entire market in general, the variation of only $500 in the whole week, does not represent a significant percentage that leads us to think what may happen in a while, since it is only 2% in what has varied its price is this range of time.
With an unpromising beginning of the year, a very low market volume and the global economic problems that continue to increase, the greatest possibility that exists is the one expressed by some experts, which refers to a market that will continue to fall, since it must reach a minimum to restart the cycle, which is close to 9k of the value of BTC, a situation that can be really chaotic for many projects that may go bankrupt if this happens in the market.
Thanks for sharing your thoughtful perspective with us, Jesus! 😊
I do wonder, from where does the $9k figure emerge? Based on recent events, the major downfalls in cryptocurrency prices have been due to a combination of exchanges collapsing and macroeconomic events (and the anticipation thereof). As Bitcoin is quite reactive to US-based news, and we're not anticipating any major changes, for instance very large hikes in the Fed's interest rate, then we only have remaining possible black swan events such as further exchange collapses and war escalation. Otherwise, institutional investors would generally hold on to Bitcoin, as evidenced by its stability between December and January, which is when sell-offs are more commonplace, for tax purposes.
Would be interested to hear your point of view in these areas!
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Hello my friend.
Actually there is talk that the crypto markets consist of 4 year cycles, these cycles repeat from the starting point of the last bull market which was at 9k, that is what the correction is expected to do to its point of origin and then to go up again, but nothing is certain just a matter of time to see what happens.