Any Bitcoin Return to $50,000-$60,000 Is a Long-Term Opportunity – Vincent Ganne’s Analysis

Any Bitcoin Return to $50,000-$60,000 Is a Long-Term Opportunity – Vincent Ganne’s Analysis
Any Bitcoin Return to $50,000-$60,000 Is a Long-Term Opportunity – Vincent Ganne’s Analysis

Mt. Gox repayments, tensions on the US dollar and rates, political uncertainties, whales hunting for liquidity: all these elements are combining to put pressure on the Bitcoin price. In which price zone could the BTC bear purge end?

The end of the difficult period is near

Although disinflation has resumed in the United States according to the two inflation indices, the CPI and the PCE in the underlying version, The Bitcoin price is back in the lower part of the trading range that it has described since mid-March between 57,000 and 72,000 dollars.

Yet even Jerome Powell, the chairman of the Fed, acknowledges the resumption of progress in disinflation and the leading indicators allow us to be very optimistic for a pivot by the Fed during the monetary policy decision on Wednesday, September 18.

This optimism about the FED’s pivot for the month of September is reinforced by the progressive deterioration of the labor market in the United States with an unemployment rate in contact with the FED’s alert threshold of 4.1% of the active population.

An underperformance that is all the more surprising for BTC as the S&P 500 continues to set new historical records with an efficient rotation between the stars of US tech and the shares of GAFAM.

Now more than 73 days from the last halving, this downward pressure on BTC may seem surprising to the novice retail trader, but not to the eyes of high-capital investors, the whales.

The latter continue to accumulate long positions as soon as BTC falls below $60,000, a distribution from weak hands to strong hands which is a confirmation that the underlying trend remains bullish.

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