Bitcoin to see increased volatility in 2023 with an upward trend Bitcoin Crypto cryptocurrency
Stocks continue to rally given the less worrying global macro condition due to the continuously declining U.S. CPI year-on-year growth and mildly strong labor market, as well as the recovery of the European economy and China’s grand re-opening. This provides a friendly environment for crypto assets to regain momentum. Bitcoin price has broken through and sustained the major resistance level of $21K and is now testing around $23K.
However, the Fed and many other central banks will be more cautious than wall street and could potentially shock markets again and pour cold water on traders by saying 4.x% inflation may linger a while and it is still too far above their 2% inflation goal. The macro market is sitting on the edge of stagflation and recession, which could be worrisome if some unknown market shock leaks out, such as high consumer revolving credit causing problems, a real estate debt problem, a U.S.
Even though the FTX crash was very bad for the industry, damaging its reputation and hurting the market, it recently came to light that the exchange could possibly restart operations as some funds are recovered. This positive development adds to the upward momentum of the market. Overall, I think the Fed is overestimating the problem because they acted slowly in 2021-22 and rose rates too late, thus they are extra careful in 2022-23; while wall street is underestimating the problem and is a bit too over-optimistic. So the market will be on the way to finding a balance in 2023 among the major forces. This could mean some shocks here and there, thus not going to be a one-directional market one way or another.
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