According to data from TradingView, in the past 10 days, the Bitcoin price has gone from around $17,115 to $21,077, which is a gain of 23.15% vs USD.
In a blog post published earlier today, the former BitMEX CEO said that it is evident that Bitcoin is experiencing an upward surge from a relatively low point and that this prompts the consideration of various possible explanations for this rally.
Scenario 1: This rally is simply a natural rebound from the recent local lows of sub $16K, and Bitcoin will subsequently stabilize at a new plateau until the conditions for USD liquidity improve.
Scenario 2: The market is anticipating a resurgence in Fed-induced money printing, which could manifest in two distinct scenarios:
- Scenario 2A: If the Fed does not proceed with this course of action, or if multiple Fed governors negate any expectations of such a pivot, it is likely that Bitcoin will experience a significant decline toward previous lows.
- Scenario 2B: If the Fed does follow through with this pivot, it is probable that Bitcoin will continue to perform strongly and that this rally will signify the onset of a prolonged period of bullish market conditions.
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