Bitcoin at $100K? Just a Matter of Time for Mike McGlone of Bloomberg.
Bitcoin is a risk-off asset.
Since the beginning of July 2022, we have seen a reversal of sentiment in the Bitcoin market. Nothing extraordinary of course, but the extreme fear below 10 has gradually turned into simple fear with the Bitcoin Fear & Greed Index now above 40:
The July 2022 U.S. Bureau of Labor Statistics inflation figures will obviously accelerate this change in sentiment. While inflation was 9.1% in June 2022 in America, the drop in oil prices during July had led to expectations of a drop in CPI. Analysts were expecting inflation to be 8.7%.
The revealed figure is even better at 8.5%:
That was all it took for the price of Bitcoin to rise back above $24K. The S&P 500 is back above 4,200 points and the Dow Jones is back above 33,000 points. In short, we are going to see a Bullish market in August 2022.
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