Macroeconomic Conditions Are Not Favorable To Bitcoin’s Recovery
Bitcoin reclaiming a new all time high won’t be easy as said, as the king crypto has several challenges to face on it’s road to recovery. Looking at bitcoin’s bottom which is similar to that of 2018 with macroeconomic conditions which are less favorable than back then which has made this recovery a difficult at this time.
Bloomberg Macro Strategist tells he’s twitter followers in one of it’s twitter session that;
“Bitcoin’s roughly 80% drawdown to the 2022 low about matches the 2018 bottom, but a key difference is global liquidity is contracting. With the Fed and the greatest number of central banks in history still tightening, it’s unlikely a trough, and recovery for the asset referred to as the fastest horse in the race will be that easy.”
With Feds interest hike which doesn’t seem to be over anytime soon, as it’s been projected that they will remain hawkish through out the second quarter but he’s playing he’s card in respect to bitcoin that bitcoin will survive.
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