Macroeconomist Lyn Alden predicts “considerable danger” for BTC in 2023
According to the analyst, the threat to high-risk assets can be created by the actions of Congress and the Fed aimed at reducing liquidity
25.01.2023 - 13:00
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Bitcoin BTC $22,576 still risks “considerable danger” in 2023 as macroeconomic conditions dictate price action.
That is according to economist Lyn Alden, who in private comments to Cointelegraph cautioned on Bitcoin staying bullish after its January gains.
Alden: BTC price bottom is a "process"
Optimism is increasing throughout crypto as BTC/USD broadly retains levels, which are 40% higher than at the start of the year.
What the rest of 2023 may hold, however, is still a topic of debate, and Alden suggests that it is naive to assume that the good times will continue unchecked.
The reason, she says, lies with the United States lawmakers and the Federal Reserve.
“I expect the BTC bottom to be a process,” she summarized about the current state of Bitcoin.
“BTC prices are heavily tied to liquidity conditions, and liquidity conditions have been improving since Q4 2022.”
That recovery has effectively removed any trace of the FTX debacle from the chart, with BTC/USD now circling its highest levels since mid-August.
“The FTX/Alameda collapse pulled down the industry in the second half of Q4 even as many other assets rallied (equities, gold, etc), and now it seems that BTC is playing a bit of catch-up, and getting back to where it would have been without the FTX/Alameda collapse occurring,” Alden continued.
BTC/USD traded at around $22,600 at the time of writing, data from Cointelegraph Markets Pro and TradingView showed.
This material is taken from the website cointelegraph.com.
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