I believe the next 3 quarters of reporting by American companies will be catastrophic, which will lead to a strong decline in indices, and after them, Bitcoin.
Let's look at some simple data.
Americans are delinquent on auto loans at the highest rate in nearly three decades.
The number of applications for mortgages in the US has fallen to a nearly three-decade low and the mortgage rate is a 30-year record at 8.05%
If we delve deeper into the statistics, the picture looks even worse.
Here is the data that lies on the surface.
The Fed has been printing trillions of dollars since 2019, since then the national debt has grown from about 22 trillion to 33, an increase of 11 trillion dollars or 50%, while interest payments will be 1.2-1.5 trillion in 2024, with budget revenue only 5 trillion, i.e. payments will be 25% of all taxes received. Think about these numbers.
What options does the state have to print money? increase debt at the same pace or accelerate? and in 3 years reach a debt of 50 trillion, and in 6 years all taxes received by the US budget will go only to pay off interest on the debt.
At the moment, I believe that the US stock market will decline over the next 3 quarters due to declining demand and high lending rates, which will lead to a number of noisy bankruptcies, the forced sale of cryptocurrency by large investors to cover current payments, and Bitcoin will definitely not be a safe haven.
Technically for Bitcoin, the picture is of a Bearish flag, which is supported by strong resistance at 32,000 and rests on the lower part of the flag, which is also resistance. The bearish flag is now moving into a rectangle pattern, i.e. accumulation is underway and I will assume, taking into account that the downward trend will be a rebound from 32.000, or a complex breakdown from 32.000 and the price will go to 25.000 and after the new year even lower.
Let's look at some simple data.
Americans are delinquent on auto loans at the highest rate in nearly three decades.
The number of applications for mortgages in the US has fallen to a nearly three-decade low and the mortgage rate is a 30-year record at 8.05%
If we delve deeper into the statistics, the picture looks even worse.
Here is the data that lies on the surface.
The Fed has been printing trillions of dollars since 2019, since then the national debt has grown from about 22 trillion to 33, an increase of 11 trillion dollars or 50%, while interest payments will be 1.2-1.5 trillion in 2024, with budget revenue only 5 trillion, i.e. payments will be 25% of all taxes received. Think about these numbers.
What options does the state have to print money? increase debt at the same pace or accelerate? and in 3 years reach a debt of 50 trillion, and in 6 years all taxes received by the US budget will go only to pay off interest on the debt.
At the moment, I believe that the US stock market will decline over the next 3 quarters due to declining demand and high lending rates, which will lead to a number of noisy bankruptcies, the forced sale of cryptocurrency by large investors to cover current payments, and Bitcoin will definitely not be a safe haven.
Technically for Bitcoin, the picture is of a Bearish flag, which is supported by strong resistance at 32,000 and rests on the lower part of the flag, which is also resistance. The bearish flag is now moving into a rectangle pattern, i.e. accumulation is underway and I will assume, taking into account that the downward trend will be a rebound from 32.000, or a complex breakdown from 32.000 and the price will go to 25.000 and after the new year even lower.
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