The Hardest Days Are Coming! Bitcoin Goes To Those Levels

Bitcoin: Discussions about the state of the crypto market have been the hot topic of the past few weeks. At the same time, analysts and traders knowledgeable in Bitcoin and altcoins are scrutinizing the charts, looking for clues as to when the market will bottom and when to reverse course. This has been a topic that Crypto Jebb and independent market analyst Scott Melker discussed. Here are some key points discussed by Crypto Jebb and Melker…

Bitcoin is used as originally designed

Traders primarily focus on the spot price of Bitcoin. Many complain that it does not perform as inflation protection as promised. However, Melker pointed out that his performance is highly dependent on the country and the economic situation in which the individual lives. Bitcoin could have dropped significantly in US dollar terms. But compared to countries like hyperinflationary Venezuela or Nigeria with a large unbanked population, BTC offered people a way to keep their money’s worth.

One of the major functions highlighted by Melker is that Bitcoin is the first real asset to give people all over the world the ability to exit the current financial system if it doesn’t work for them. According to Crypto Jebb, Bitcoin has been described as being thermodynamically sound, that is, the asset that holds the energy put into the system, and is “sealed” by things like inflation.

Which direction will the market go?

Regarding the future of the market, Melker said that while crypto adoption doesn’t seem to be moving fast for those who’ve been on the market for years, “Bitcoin adoption is faster than the internet.” Both Crypto Jebb and Melker stated that the paradigm shift towards investing in cryptocurrencies needs more time. That’s because, he suggested, most investors are trained to fear risk.

Here Are The Expected Weekly Levels For Bitcoin

In response to potential critics to point to Bitcoin’s volatility as the root cause of avoiding cryptocurrencies, Melker highlighted the recent struggles the stock markets have had, citing the poor performance of stocks such as Netflix, Facebook, PayPal and Cathie Woods’ ARK funds. Melker used the following statements:

Last month, I saw research from Messari that basically said there wasn’t a single place where you could put money in an asset class and store any value. And if you stay on cash, you lose 8 percent of your purchasing power.

More negatives expected in the short term

According to Melker, it is important to remember that the current market situation is weak and “the trend is your friend” in the short term and more downside is likely. That said, there are some developments that could help the market come out of the recession, including the Fed tightening cycle, which has historically put pressure on asset prices during the first three quarters of the tightening cycle, until the market adjusts, Melker said. Melker used the following statements:

My best guess is that we’re having a very choppy, boring, low-volume, low-liquidity summer. Maybe we’ll record new lows. Or maybe we go from $17.5k to $22,000 or $23,000. Then, as we approach the end of the year, we really start to see what the market consists of.

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Larry Brown

I graduated from Yale University, Department of Television. I have been a professional news writer for 3 years. I am continuing my career here by establishing site 3 months ago.