Bitcoin is poised to sink to single digit thousands. U.S. Dollar at two decades high pushing down speculative assets on the Federal Reserve's interest rate cycle.
Bitcoin has slipped under the 20,000 price support four times since for the quarter from June to August 2022. Indicating that it is ready to fall further, with the final support at 15675 and that is it, the famed crypto currency may collapse to the single digit thousands. Please refer to Chart 1 and Chart 2 above. Remarkedly Bitcoin is being seen as a hedge against inflation, which makes very little sense since the U.S. Dollar is at two decades high's (yellow line). Maybe the rise was contributed by wayward 'libertarian' podcasters and the like touting the 'coin' as an alternative to government and central bank conspiracies. Who knows. But one thing is for sure, greed drove this mythical asset to the highs which occurred over the pandemic ala stimulus monies. Nothing else.
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