As Bitcoin price remained at $19K every weekend, with no significant price changes, today's Bitcoin price is $19,112 to $19,342, signifying little volatility. To decide whether or not it is a good time to buy Bitcoin during the ongoing bear market, buyers should first consider how the S&P 500 index has been doing.
Michael J. Wilson, the chief investment officer at Morgan Stanley and authority in bear markets, in recent times predicted a 16% increase in the Dow Jones Industrial Average soon. But, the ascent will be delayed by a drop in earnings or a genuine recession.
Is There A Short-term Rally On The Charts?
Recalling a report from October 17, Bloomberg cited bear market specialist Michael Wilson's prediction of a temp uptick in the United States, when the S$P 500 reached its 200-week moving average. According to Coinpedia, below the weight of rate hikes and determining macroeconomic conditions, the S&P 500 plummeted by 25% this year.
Bitcoin's price is trapped below $20,000 in spite of the 200-day moving average's proximity to the $23,000 target. As BTC's price dropped below $20,000 in June, there have been several bear market rallies. In return of the bulls' inadequacy to control their momentum, the bear have taken control over it, sending Bitcoin's price back to below $20,000.
Rapt in Fear
According to Coinpedia, for the coming several months, investors will be keen on the market watching closely in anticipation of the November 2 Federal Open Market Committee meeting. Fears of a recession have not yet discouraged the Federal Reserve from maintaining its hawkish stance in inflation. The Dollar index is floating at 113, and the possibility of a rate hike of 75 basis points is at 95.4% as mentioned in the Coinpedia article reported by the CME FedWatch Tool.
Michael J. Wilson, the chief investment officer at Morgan Stanley and authority in bear markets, in recent times predicted a 16% increase in the Dow Jones Industrial Average soon. But, the ascent will be delayed by a drop in earnings or a genuine recession.
Is There A Short-term Rally On The Charts?
Recalling a report from October 17, Bloomberg cited bear market specialist Michael Wilson's prediction of a temp uptick in the United States, when the S$P 500 reached its 200-week moving average. According to Coinpedia, below the weight of rate hikes and determining macroeconomic conditions, the S&P 500 plummeted by 25% this year.
Bitcoin's price is trapped below $20,000 in spite of the 200-day moving average's proximity to the $23,000 target. As BTC's price dropped below $20,000 in June, there have been several bear market rallies. In return of the bulls' inadequacy to control their momentum, the bear have taken control over it, sending Bitcoin's price back to below $20,000.
Rapt in Fear
According to Coinpedia, for the coming several months, investors will be keen on the market watching closely in anticipation of the November 2 Federal Open Market Committee meeting. Fears of a recession have not yet discouraged the Federal Reserve from maintaining its hawkish stance in inflation. The Dollar index is floating at 113, and the possibility of a rate hike of 75 basis points is at 95.4% as mentioned in the Coinpedia article reported by the CME FedWatch Tool.
