Bitcoin Should Have Tanked, but Instead It Pumped! Here’s Why…

TL;DR

• When you first start learning how to read financial markets, you think it’s going to be a matter of learning a math based process that eventually answers a yes or no question. But it’s more like reading tea leaves.

• The price pumped after folks in the market started to collectively get the feeling that the Federal Reserve will stop hiking interest rates this coming quarter.

• All of this positive price movement, not thanks to math, but to an unconfirmed suspicion that the effects of inflation could be behind us?

Full Story

It’s funny ain’t it?

When you first start learning how to read financial markets, you think it’s going to be a matter of learning a math based process that eventually answers a yes or no question.

But it’s more like reading tea leaves.

It often involves judging the mood of wall street after a CEO makes forward looking statement, and gauging the general ‘vibe’ of the buying market.

Yesterday’s Bitcoin price jump (from roughly $25.5k to $27.5k) is no exception to this rule.

The price pumped after folks in the market started to collectively get the feeling that the Federal Reserve will stop hiking interest rates this coming quarter.

(And less rate hikes means less money spent on loans and lines of credit, which means more money to spend on investments, like BTC).

It came as a particular surprise too! Bitcoin was showing an ominously named chart formation know as a ‘death cross’ last Tuesday, which is followed by price drop 60% of the time it shows up.

All of this positive price movement, not thanks to math, but to an unconfirmed suspicion that the effects of inflation could be behind us?

Weird how it works sometimes.

But hey, if means a $2k jump in 24hrs - we say to the market:

Let your freak flag fly!