Bitcoin Prices Are Hot, but Here’s What Could Crush the Rally

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Bitcoin has proved incredibly resilient to the perils of the past year, including FTX’s demise. But there are some macroeconomic surprises that could erect obstacles to further $BTC gains, GWilliamsJr_CMT writes in “Crypto Long & Short.”

In other words, bitcoin has bounced back from a series of bad events.The question now is, what could go wrong? What macroeconomic developments could send prices lower, eroding the aforementioned gains?

One of the largest news stories of the year was the collapse of Silvergate Bank and Silicon Valley Bank. Since both had ties to crypto, the news reverberated throughout the sector. Their failure led to thoughts that FOMC rate hikes had gone too far, creating too much stress among banks. Crypto investing continues to have a large retail component. Glassnode data show 1.3 million BTC held by investors with less than 1 bitcoin, and that population has grown 73% since 2021.

 

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