With Bitcoin (BTC) price up 47% year-to-date, things are looking quite bullish after cascading collapse of major crypto players in 2022. So, this newsletter is focused on answering the questions that most retail investors are faced with right now. From a daily timeframe perspective, Bitcoin price seems to have put an end to its downtrend as it produced a higher high at $23,800 on January 30, relative to the November 5 swing high at $21,480.

Technically, a trend reversal is in progress, indicating that the narrative is flipping bullish, but additional confirmation is required. This signal will arrive if BTC produces a higher high above the last key swing high formed on August 15 at $25,211 and manages to stay above the $20,000 psychological level.

The macroeconomic outlook seems to be improving due to disinflation. But if the economy deviates from its current path, it would prompt the United States Federal Reserve to veer off its course and implement stringent plans to reduce inflation. Such a move could probably break the system and trigger a big recession.

Bitcoin price has spent roughly 462 days in a bear market and has shed nearly 77% from its all-time high of $69,000. From a historical standpoint, a further pullback to $10,000 would not be surprising to many long-term investors, but the question of whether it will occur is yet to be answered.

Due to all these uncertainties, pragmatism is the best approach. Retail investors, especially millennials, generally do not have a lot of money saved. Hence, participants like these are better

Bitcoin will continue hawkish stance above $20,000

Feb 20 2023