{"id":515112,"date":"2023-01-06T10:27:53","date_gmt":"2023-01-06T15:27:53","guid":{"rendered":"https:\/\/wncen.com\/?p=515112"},"modified":"2024-06-11T08:41:41","modified_gmt":"2024-06-11T08:41:41","slug":"bitcoin-recession-analyst-claims","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-recession-analyst-claims\/","title":{"rendered":"Why Bitcoin Will Come Out Ahead In A Recession, Top Analyst Claims"},"content":{"rendered":"

Bitcoin keeps moving with no clear direction in the first week of 2023. Following a rejection from a critical resistance zone, the cryptocurrency returned to its range and could be gearing up for a re-test of support.\u00a0<\/span><\/strong><\/p>\n

Related Reading: Dogecoin Price Falls, Is It A Wise Idea To Short?<\/a><\/div>\n

In the meantime, altcoins are blooming, with many recording profits on high timeframes. As of this writing, Bitcoin (BTC) trades at $16,700 with sideways movement in the last 24 hours. In the previous seven days, BTC records similar price action.\u00a0<\/span><\/p>\n

\"Bitcoin
BTC’s price moving sideways on the 4-hour chart. Source: BTCUSDT Tradingview<\/strong><\/a><\/figcaption><\/figure>\n

BTC In The Short Term, What’s Driving The Price Action?<\/h2>\n

Bitcoin is reacting to macroeconomic developments and the U.S. Federal Reserve (Fed) monetary policy in the short term. As NewsBTC reported<\/a> yesterday, investors are hesitant to trade in any direction due to uncertainty around global markets.<\/span><\/p>\n

The situation is likely to persist during January. Today the U.S. released new economic data, but with “mixed” results, according to a pseudonym analyst<\/a>:\u00a0<\/span><\/p>\n

Economic Data a bit mixed. More jobs than expected but lower hourly earnings which is the second most important number I’d say. The matter in which the market will digest this is the most telling factor in my opinion.<\/p><\/blockquote>\n

The unemployment rate in the United States printed 3.5% for December 2022, which came much lower than the market expected. The Fed uses this metric to gauge the efficacy of its monetary policy.\u00a0<\/span><\/p>\n

The higher unemployment, the more they can tame inflation, but the U.S. job market has been resilient and has remained strong despite the Fed’s intentions. In that sense, Bitcoin and risk-on assets reacted with small losses.\u00a0<\/span><\/p>\n

The lower-than-expected results in unemployment provide room for the Fed to continue tightening. However, the risk of an economic recession increases as the financial institution pushes on to bring down inflation.\u00a0<\/span><\/p>\n

Bitcoin Will Make It During A Recession?<\/h3>\n

In a recessionary economic scenario, Bloomberg Intelligence Senior Macro Strategy, Mike McGlone, believes<\/a> Bitcoin will thrive. The analyst is bullish on BTC for the long term but shared some reservations about its immediate future.\u00a0<\/span><\/p>\n

McGlone expects Bitcoin to revisit critical support at around $10,000 to $12,000 in an economic recession. This massive crash will ripple across the nascent industry and operate as the final catalyzer for another rally. The analyst said:<\/span><\/p>\n

The rising potential for a severe global economic slowdown may be a top crypto performance factor in 20222. Out bias is that Bitcoin is more likely to come out ahead in most scenarios (\u2026).<\/p><\/blockquote>\n

\"Bitcoin
Source: Mike McGlone via Twitter<\/figcaption><\/figure>\n
Related Reading: Bitcoin Bearish Signal: Large Dormant Supply On The Move<\/a><\/div>\n

If this scenario continues, the cryptocurrency could start trading as Gold and a store of value assets, similar to its performance from 2020 to 2021. Right now, BTC trades as a risk asset, but the status quo is poised for a change as the global economy enters a critical stage.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin keeps moving with no clear direction in the first week of 2023. Following a rejection from a critical resistance zone, the cryptocurrency returned to its range and could be gearing up for a re-test of support.\u00a0 Related Reading: Dogecoin Price Falls, Is It A Wise Idea To Short? In the meantime, altcoins are blooming, with many recording profits on high timeframes. As of this writing, Bitcoin (BTC) trades at $16,700 with sideways movement in the last 24 hours. In the previous seven days, BTC records similar price action.\u00a0 BTC In The Short Term, What’s Driving The Price Action? Bitcoin is reacting to macroeconomic developments and the U.S. Federal Reserve (Fed) monetary policy in the short term. As NewsBTC reported yesterday, investors are hesitant to trade in any direction due to uncertainty around global markets. The situation is likely to persist during January. Today the U.S. released new economic data, but with “mixed” results, according to a pseudonym analyst:\u00a0 Economic Data a bit mixed. More jobs than expected but lower hourly earnings which is the second most important number I’d say. The matter in which the market will digest this is the most telling factor in my opinion. The unemployment rate in the United States printed 3.5% for December 2022, which came much lower than the market expected. The Fed uses this metric to gauge the efficacy of its monetary policy.\u00a0 The higher unemployment, the more they can tame inflation, but the U.S. job market has been resilient and has remained strong despite the Fed’s intentions. In that sense, Bitcoin and risk-on assets reacted with small losses.\u00a0 The lower-than-expected results in unemployment provide room for the Fed to continue tightening. However, the risk of an economic recession increases as the financial institution pushes on to bring down inflation.\u00a0 Bitcoin Will Make It During A Recession? In a recessionary economic scenario, Bloomberg Intelligence Senior Macro Strategy, Mike McGlone, believes Bitcoin will thrive. The analyst is bullish on BTC for the long term but shared some reservations about its immediate future.\u00a0 McGlone expects Bitcoin to revisit critical support at around $10,000 to $12,000 in an economic recession. This massive crash will ripple across the nascent industry and operate as the final catalyzer for another rally. The analyst said: The rising potential for a severe global economic slowdown may be a top crypto performance factor in 20222. Out bias is that Bitcoin is more likely to come out ahead in most scenarios (\u2026). Related Reading: Bitcoin Bearish Signal: Large Dormant Supply On The Move If this scenario continues, the cryptocurrency could start trading as Gold and a store of value assets, similar to its performance from 2020 to 2021. Right now, BTC trades as a risk asset, but the status quo is poised for a change as the global economy enters a critical stage.\u00a0<\/p>\n","protected":false},"author":535,"featured_media":512283,"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-515112","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusdt"],"acf":[],"yoast_head":"\nWhy Bitcoin Will Come Out Ahead In A Recession, Top Analyst Claims<\/title>\n<meta name=\"description\" content=\"Bitcoin keeps moving with no clear direction in the first week of 2023. 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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. 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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. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/wncen.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Why Bitcoin Will Come Out Ahead In A Recession, Top Analyst Claims","url":"http:\/\/wncen.com\/news\/bitcoin-recession-analyst-claims\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-recession-analyst-claims\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/Bitcoin.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/Bitcoin.jpeg?fit=1000%2C665"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusdt"],"dateCreated":"2023-01-06T15:27:53Z","datePublished":"2023-01-06T15:27:53Z","dateModified":"2024-06-11T08:41:41Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Why Bitcoin Will Come Out Ahead In A Recession, Top Analyst Claims\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-recession-analyst-claims\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-recession-analyst-claims\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/12\\\/Bitcoin.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/12\\\/Bitcoin.jpeg?fit=1000%2C665\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusdt\"],\"dateCreated\":\"2023-01-06T15:27:53Z\",\"datePublished\":\"2023-01-06T15:27:53Z\",\"dateModified\":\"2024-06-11T08:41:41Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/Bitcoin.jpeg?fit=1000%2C665","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/515112","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=515112"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/515112\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/512283"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=515112"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=515112"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=515112"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}