{"id":510809,"date":"2022-12-01T15:23:11","date_gmt":"2022-12-01T20:23:11","guid":{"rendered":"https:\/\/wncen.com\/?p=510809"},"modified":"2024-06-11T08:04:49","modified_gmt":"2024-06-11T08:04:49","slug":"bitcoin-hits-17000-but-is-it-too-early-to-call-the-all-clear-on-the-bear-market","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-hits-17000-but-is-it-too-early-to-call-the-all-clear-on-the-bear-market\/","title":{"rendered":"Bitcoin Hits $17,000, But Is It Too Early To Call The All Clear On The Bear Market?"},"content":{"rendered":"<p><strong><span data-preserver-spaces=\"true\">Bitcoin is retracing its recent week losses, and it\u2019s about to reclaim the support lost during the FTX debacle. The number one crypto by market capitalization is displaying some short-term strength as macroeconomic conditions continue to improve.\u00a0<\/span><\/strong><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/chainlink\/chainlink-is-about-to-launch-staking-next-target-zones-for-link\/\" target=\"_blank\" rel=\"noopener \">Chainlink (LINK) Is About To Launch Staking \u2013 These Are The Next Target Zones<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Other cryptocurrencies in the crypto top 10 by market cap are seeing profits. Dogecoin (DOGE) and Ethereum (ETH) are leading the rally with double digits gains in the previous week. As of this writing, Bitcoin is moving sideways between $16,900 and $17,000 and adjacent levels.\u00a0<\/span><\/p>\n<figure id=\"attachment_510826\" aria-describedby=\"caption-attachment-510826\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-510826 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/Bitcoin-BTC-BTCUSDT-1.png?resize=860%2C376\" alt=\"Bitcoin BTC BTCUSDT\" width=\"860\" height=\"376\"><figcaption id=\"caption-attachment-510826\" class=\"wp-caption-text\">BTC&#8217;s price moving sideways on the daily chart. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/Ftrtg0Wu\/?symbol=BINANCE%3ABTCUSDT\" target=\"_blank\" rel=\"noopener nofollow\"><strong>BTCUSDT Tradingview<\/strong><\/a><\/figcaption><\/figure>\n<h2>Bitcoin Is Up, Is The Market Over?<\/h2>\n<p><span data-preserver-spaces=\"true\">Yesterday, the U.S. Federal Reserve (Fed) Chairman Jerome Powell hinted at moderating the monetary policy. The financial institution has been increasing interest rate hikes to mitigate inflation.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The market is feeling the effects of the Fed\u2019s policies. Unemployment metrics are increasing, the U.S. economy is slowing down, and Commodities maintain their bearish trajectory, but most importantly, the Real Estate sector took some massive damage.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Recent data indicates that homes sale in the U.S. is experiencing their worst period in decades. <a href=\"https:\/\/markets.businessinsider.com\/news\/stocks\/bovino-inflation-recession-unemployment-interest-rates-federal-reserve-economy-growth-2022-11\" target=\"_blank\" rel=\"noopener nofollow\">This data hints at lower inflation but might spell issues for this country\u2019s economy<\/a>. If the Fed fails to act, the U.S. might enter a recession.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Buyers evaporating due to interest rate hikes and new 30 yr cost shock of over double from 1 yr ago for monthly payment amt. Owners not listing or less likely to. Other owners sitting on high 2\u2019s or 3% mortgages they\u2019ll never move from. Supply &amp; demand both dwindling, who wins? <a href=\"https:\/\/t.co\/pZN96vS27a\" rel=\"nofollow\">https:\/\/t.co\/pZN96vS27a<\/a><\/p>\n<p>\u2014 Evan Kirkpatrick (@evankirkpatrick) <a href=\"https:\/\/twitter.com\/evankirkpatrick\/status\/80829698?ref_src=twsrc%5Etfw\" rel=\"nofollow\">December 1, 2022<\/a><span style=\"color: #333333\">\u00a0<\/span><\/p><\/blockquote>\n<p><span data-preserver-spaces=\"true\">The Fed might be willing to pivot on its monetary policy in this context, thus allowing Bitcoin and risk-on assets to rally and extend their bullish momentum. However, Director of Macro for investment firm Fidelity Jurrien Timmer <a href=\"https:\/\/twitter.com\/TimmerFidelity\/status\/97939201\" target=\"_blank\" rel=\"noopener nofollow\">believes<\/a> it might be too soon to call a victory.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The experts claim many other factors to consider before calling the bottom. In equities, a sector that Bitcoin is following closely, the next earnings seasons will be crucial.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Companies must show growth early next year, or the stock market will risk another blow. So far, Timmer believes the chances of significant growth are \u201cunlikely\u201d as measured by the Purchasing Managers\u2019 Index (PMI).\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">This index measures the state of the manufacturing and service sectors. The metric offers a view of the current and future health of businesses. The chart below shows that the metric has room to keep crashing.\u00a0<\/span><\/p>\n<figure id=\"attachment_510824\" aria-describedby=\"caption-attachment-510824\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-510824 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/Bitcoin-BTC-BTCUSDT-Chart-2.jpg?resize=860%2C536\" alt=\"Bitcoin BTC BTCUSDT Chart 2\" width=\"860\" height=\"536\"><figcaption id=\"caption-attachment-510824\" class=\"wp-caption-text\">The <span data-preserver-spaces=\"true\">Purchasing Managers\u2019 Index (PMI) has more room to crash. <\/span>Source: Jurrien Timmer via Twitter<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">\u00a0Based on the PMI cycle, the market might see an effective relief in 2024, which has a confluence with the Bitcoin Halving. This event is a major bullish catalyzer for Bitcoin. Timmer said:<\/span><\/p>\n<blockquote><p>(\u2026) It seems premature to expect a bottom for earnings anytime soon. If earnings growth won\u2019t bottom for another year or longer, then an October price bottom seems rather ambitious.<\/p><\/blockquote>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/bitcoin-could-usher-in-december-near-18000-if-it-moves-past-this-resistance\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Could Usher In December Near $18,000 If It Moves Past This Resistance<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">However, Timmer also clarified that there is a precedent in which stocks rallied before a good earnings season. The market experience these rallies in the 1970s and 1990s, but as mentioned, this possibility is unlikely in the current environment.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Of course, in our current cycle, earnings growth peaked coincident with price, so the market might follow a more conventional playbook rather than repeat that hopeful outlier from the early 1970s. \/END<\/p>\n<p>\u2014 Jurrien Timmer (@TimmerFidelity) <a href=\"https:\/\/twitter.com\/TimmerFidelity\/status\/30959873?ref_src=twsrc%5Etfw\" rel=\"nofollow\">December 1, 2022<\/a><span style=\"color: #333333\">\u00a0<\/span><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin is retracing its recent week losses, and it\u2019s about to reclaim the support lost during the FTX debacle. The number one crypto by market capitalization is displaying some short-term strength as macroeconomic conditions continue to improve.\u00a0 Related Reading: Chainlink (LINK) Is About To Launch Staking \u2013 These Are The Next Target Zones Other cryptocurrencies in the crypto top 10 by market cap are seeing profits. Dogecoin (DOGE) and Ethereum (ETH) are leading the rally with double digits gains in the previous week. As of this writing, Bitcoin is moving sideways between $16,900 and $17,000 and adjacent levels.\u00a0 Bitcoin Is Up, Is The Market Over? Yesterday, the U.S. Federal Reserve (Fed) Chairman Jerome Powell hinted at moderating the monetary policy. The financial institution has been increasing interest rate hikes to mitigate inflation.\u00a0 The market is feeling the effects of the Fed\u2019s policies. Unemployment metrics are increasing, the U.S. economy is slowing down, and Commodities maintain their bearish trajectory, but most importantly, the Real Estate sector took some massive damage.\u00a0 Recent data indicates that homes sale in the U.S. is experiencing their worst period in decades. This data hints at lower inflation but might spell issues for this country\u2019s economy. If the Fed fails to act, the U.S. might enter a recession.\u00a0 Buyers evaporating due to interest rate hikes and new 30 yr cost shock of over double from 1 yr ago for monthly payment amt. Owners not listing or less likely to. Other owners sitting on high 2\u2019s or 3% mortgages they\u2019ll never move from. Supply &amp; demand both dwindling, who wins? https:\/\/t.co\/pZN96vS27a \u2014 Evan Kirkpatrick (@evankirkpatrick) December 1, 2022\u00a0 The Fed might be willing to pivot on its monetary policy in this context, thus allowing Bitcoin and risk-on assets to rally and extend their bullish momentum. However, Director of Macro for investment firm Fidelity Jurrien Timmer believes it might be too soon to call a victory.\u00a0 The experts claim many other factors to consider before calling the bottom. In equities, a sector that Bitcoin is following closely, the next earnings seasons will be crucial.\u00a0 Companies must show growth early next year, or the stock market will risk another blow. So far, Timmer believes the chances of significant growth are \u201cunlikely\u201d as measured by the Purchasing Managers\u2019 Index (PMI).\u00a0 This index measures the state of the manufacturing and service sectors. The metric offers a view of the current and future health of businesses. The chart below shows that the metric has room to keep crashing.\u00a0 \u00a0Based on the PMI cycle, the market might see an effective relief in 2024, which has a confluence with the Bitcoin Halving. This event is a major bullish catalyzer for Bitcoin. Timmer said: (\u2026) It seems premature to expect a bottom for earnings anytime soon. If earnings growth won\u2019t bottom for another year or longer, then an October price bottom seems rather ambitious. Related Reading: Bitcoin Could Usher In December Near $18,000 If It Moves Past This Resistance However, Timmer also clarified that there is a precedent in which stocks rallied before a good earnings season. The market experience these rallies in the 1970s and 1990s, but as mentioned, this possibility is unlikely in the current environment.\u00a0 Of course, in our current cycle, earnings growth peaked coincident with price, so the market might follow a more conventional playbook rather than repeat that hopeful outlier from the early 1970s. \/END \u2014 Jurrien Timmer (@TimmerFidelity) December 1, 2022\u00a0<\/p>\n","protected":false},"author":535,"featured_media":509581,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,78790],"class_list":["post-510809","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusdt"],"acf":[],"yoast_head":"\n<title>Bitcoin Hits $17,000, But Is It Too Early To Call The All Clear?<\/title>\n<meta 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Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. 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