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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Targets $40K? Why Crypto Could See General Price Reversion

Reynaldo Marquez
Reynaldo Marquez
1 year ago
2 mins read
Bitcoin in front of gold bars

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Bitcoin finally sees some relief after a start of 2022 with relentless selling pressure. The first crypto by market cap trades at $36,815 with a 9.6% profit in 24 hours.

Bitcoin BTC BTCUSD
BTC trends to the downside in the 4-hour chart. Source: BTCUSD Tradingview

Related Reading | Bitcoin Supply Shock: Only 12% Of BTC Supply Is On Exchanges Now

Bitcoin is moving towards a 1:1 correlation to the U.S. Stock Market, in the short term, according to Bloomberg Intelligence’s Senior Commodity Analyst Mike McGlone. The crypto market has been reacting to the potential shift in the U.S. Federal Reserve monetary policy.

The financial institution has hinted at an increase in its interest rates to, at least, a 0.25% in 2022’s Q1 and a tapering of their asset purchase. The goal is to stop inflation as the CPI stands at a 40 year high. This has translated into a selloff which begun in Q4, 2021.

In addition, investors seem to be trying to get ahead of a potential hike in interest rates, a thesis which could receive confirmation tomorrow during the FED’s Federal Open Market Committee (FOMC). If the institution hints a tougher shift, Bitcoin could retest its critical support level at $33,000.

In expectation of this and other events, investors could be sitting in cash, waiting to bid on BTC when the economic outlook looks clearer. In other words, the demand is low for risk assets and could remain as such for the near future.

Analyst John Nash believes the FOMC meeting is already priced in with a “too early” reversal in Bitcoin and other cryptocurrencies. However, Nash expects to see a stronger bounce towards $40,000, before BTC’s price dives back into the $25,000 to $28,000 range.

At present, Bitcoin must flip $36,000 and $38,000 from local resistance into support to continue it moves towards $40,000. After, Nash believes investors should follow the old adagio but with a twist: “Buy in May and go away”.

Bitcoin To Come On Top In 2022?

On this note, he seems to concur with McGlone. The Bloomberg expert has been bullish on Bitcoin and cryptocurrencies on current market conditions. In fact, he expects the upcoming economic shift to provide the digital asset sector, at least for BTC and ETH, with legitimacy. He wrote:

Price reversion in cryptos is likely to spread in 2022, after the assets were a poster child of speculative inflationary excess in 2021, but Bitcoin stands to come out ahead.

Bitcoin BTC BTCUSD
Source: Bloomberg Intelligence via Mike McGlone

Related Reading | TA: Ethereum Turns Red, What Could Trigger Steady Recovery

Other analysts expect some similar with BTC tracking the traditional market, but progressively decoupling as it shows more strength during times of weakness for stocks. Recently, as pointed by pseudonyms analyst MacroScope, the first crypto by market cap has briefly decouple from stock futures. The analyst said:

No secret BTC has become a risk-on asset closely linked to stocks. But as stocks take a hit, keep watch for a possible decoupling. Could be gradual or sharp. A few scenarios are possible (longer tweet). If it happens, would be “shot heard ’round the world” for macro managers.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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