Bitcoin survival or destruction? This is a good question. As we are about to enter 2023, the cryptocurrency market may be looking for an answer to this question. For Bloomberg Intelligence, the answer is more likely to be the former. As part of the global portfolio, the cryptocurrency market is ripe for recovery. In a year's time, the Fed is likely to turn to easing, and cryptocurrencies seem ready to outperform most traditional assets.

Bitcoin survival or destruction?

This is a good question. As we enter 2023, the cryptocurrency market may be looking for the answer to this question. As part of the global portfolio, Bloomberg Intelligence has matured. In a year's time, the Fed may turn to easing, and cryptocurrencies seem ready to beat most traditional assets.

Will Bitcoin continue to fall or prepare for the next rise?

If cryptocurrencies really disappear, the futures market should first receive an "alarm" (at least the market maker has received the notification from the Cheese Chamber). In fact, on the contrary, data analysis shows that the crypto market may be brewing a rebound. The Bitcoin futures position of Cheese Chamber of Commerce is rising, while the crude oil futures position is declining. You know, compared with the mature crude oil market, cryptocurrency is still in its infancy.

On the one hand, Bitcoin is gradually becoming the digital gold for investors everywhere. Ethereum may play the role of futures and futures in the traditional financial market ETF. It is worth noting that Bitcoin is at a low point, and the encryption market has never been so cold in the past November. The collapse of a series of cryptocurrency companies in FTX burned the profits of the bull market. The entire encryption market may face one of the most severe contractions in history, and the price of Bitcoin may reach the support level of 10000-120000 dollars.

With the approval of the Securities and Exchange Commission of the United States, Grayscale will convert GBTC into ETF, and the discount advantage will disappear, but it is expected that the discount advantage will disappear as early as the middle of 2023, or even later. This is existing. GBTC holders are advantageous because they can sell shares at a high price.

The key range of Ethereum in 2023 may be 1000-3000 dollars, and many problems may arise with new technologies. However, the incremental supply of Ethereum has begun to decline continuously. According to economic rules, this trend is beneficial to the price development of Ethereum.

After Bloomberg Intelligence sent a short-term bullish signal to the medium-term index in early November, the current trend index is still firmly bearish, which means that there may be more downward space in the short term. However, this analysis did not take into account the impact of the macro environment in the past few weeks. Therefore, although the market sentiment is at the capitulation level, there are some signs of recovery in the prices of Bitcoin and other cryptocurrencies.

With the realization of loss index, Bitcoin is still in a downward trend. Can the ETF encryption market be restrained? Gary Gensler, chairman of the US Securities and Exchange Commission, may lose billions of dollars if he refuses to list spot bitcoin ETFs in the US. If there is no secure exchange traded fund, many people can only access the high discount GBTC of cryptocurrency FTX Bitcoin Trust Fund through higher risk options such as unregulated offshore exchanges.

In the process of token development, regulatory barriers, futures and futures ETFs may also be involved. Now the market is in a calm state before the storm, but the previous volatility is surging. In fact, market volatility is an average return. The traditional stock market may be in an early recovery stage, which has an impact on cryptocurrencies and most risky assets. The chart data shows that this situation is changing rapidly.

ending

With the approval of the Securities and Exchange Commission of the United States, Grayscale will convert GBTC into ETF, and the discount advantage will disappear, but it is expected that the discount advantage will disappear as early as the middle of 2023, or even later. This is existing. GBTC holders are advantageous because they can sell shares at a high price. In the ranking of cryptocurrency transactions, the stable dollar currency has occupied the "dominant position". Although it is a matter of time, any new technology needs to adapt to the market.