Market expert Mike Alfred believes that speculating on lower Bitcoin prices at this time is insane, considering favorable economic metrics. Despite Bitcoin's recent dip below $59,000 due to a sell-off triggered by concerns over the US Consumer Price Index and potential rate cuts by the Federal Reserve, Alfred argues that key market indicators suggest an impending surge for Bitcoin. Factors such as surging US Treasury yields and a breakout in the global monetary base (M2) support this outlook. Mixed reactions continue regarding the Fed's actions in November, but Alfred believes that a rate cut would increase investors' risk appetite and favor assets like Bitcoin. Traders took advantage of the recent dip in Bitcoin prices, buying the asset in anticipation of a further price increase. Standard Chartered has also recommended buying Bitcoin below $60,000, predicting a price of $200,000 by 2025. As of now, Bitcoin has rebounded from its lows and is trading at around $60,860.
- Content Editor ( thecryptobasic.com )
- 2024-10-11
Expert Says Calling for a Lower Bitcoin Price is Insane: Here’s Why