Macroeconomist Lyn Alden says the “worst part” of the bear market is over
The analyst believes that the bitcoin rate will begin to recover because the mass liquidation of the asset has stopped
11.07.2022 - 15:05
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What’s new? Macroeconomist Lyn Alden said that the “worst part” of the bear market is over after a rough first half of 2022. On the Hard Money podcast, she noted that the bitcoin exchange rate may begin to recover as mass liquidations of the asset have stopped. However, Alden also did not rule out the possibility of further declines in the BTC price as the macroeconomic situation remains uncertain and there are still not enough growth catalysts.
What else did Alden add? The expert noted that bitcoin correlates with global growth in the money supply (M2). Since the previous two years saw significant growth in M2 around the world, bitcoin rates also showed a positive trend. Policy tightening by the US Federal Reserve System (Fed) and central banks in other countries in an attempt to curb inflation put pressure on the first cryptocurrency's exchange rate.
As of July 11 at 14:00 UTC, BTC is trading at $20 390, down 3,12% in 24 hours (according to Biannce).
Earlier, ARK Invest Management analyst Yassine Elmandjra said that bitcoin began giving signals that the asset's rate was approaching the bottom of the bear market. He noted that BTC was trading below the 200-week moving average (MA) in the short and long term, which was only the fourth time in the history of the asset.
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