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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?
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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

3 Reasons To Remain Bullish On Bitcoin In Coming Months

Jake Simmons
Jake Simmons
1 year ago
3 mins read
Bitcoin bull case

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The Bitcoin price is currently consolidating below the key resistance zone at $28,300. Both from a historical perspective and based on current macro events, there are good reasons to remain bullish and expect the price to continue to rise.

US Banking Crisis Will Continue To Fuel Bitcoin

The health of the US banking system remains fragile. As economic journalist Holger Zschaepitz noted today, America’s banks are short hundreds of billions of dollars. Last year, deposits at commercial banks fell by half a trillion, a decline of about 3%.

“This makes the financial system more fragile. How the Fed drained the financial system of deposits,” Zschaepitz explained. Charles Edwards, co-founder of Capriole Investments, declared that for a year, the US Federal Reserve (Fed) called inflation temporary and kept interest rates at zero while it ran rampant.

“Now, in the face of existential bank runs and the potential collapse of 100s of banks; the Fed is again blindly following their insane rate rise policy. It’s the same mistake in the opposite direction. They have no idea what they are doing,” said Edwards, who posed a rhetorical question about which bank will be next and shared a screenshot of a news story about Deutsche Bank, which has seen its credit default swap (CDS) jump 9%.

Which bank is next on the chopping block? pic.twitter.com/ge3kTexJKL

— Charles Edwards (@caprioleio) March 24, 2023

As was the case after the collapse of Silicon Valley Bank (SVB), Bitcoin could get another boost from a collapse of yet another bank – after all, this is the reason Bitcoin was invented by Satoshi Nakamoto.

Stealth QE Will Favor Risk Assets

Although there is currently no consensus on whether or not the Fed’s Bank Term Funding Program (BTFP) is Quantitative Easing (QE), the majority of experts see a turning point in the Fed’s monetary policy. Ex-Coinbase CTO Balaji S. Srinivasan writes:

The return of (stealth) QE via the BTFP and opening of daily swap lines with friendly foreign central banks clearly signals that sovereign debt will be monetized and currencies will be further debased. The endgame is now undeniable.

Jim Bianco of Bianco Research added that the Fed has updated its balance sheet. Now about two-thirds of the Quantitative Tightening (QT) has been reversed. Thus, in just two weeks, the Fed has pulverized 2/3 of its total monetary tightening, $100 billion last week alone.

QE by Fed
Fed updated balance sheet | Source: Twitter @biancoresearch

Bianco therefore expects Wednesday’s rate hike to be the last in this cycle. “For the first time this hiking cycle, the actual funds rate and the expected terminal rate have converged. So, by this metric, this could be the end of the rate hiking cycle,” Bianco said, referring to the chart below.

Gold bug Peter Schiff is also on the side arguing that QE has kicked in:

Powell claims the Fed isn’t doing QE because it’s not printing money and buying bonds specifically to lower long-term interest rates. Therefore, its asset purchases don’t qualify as QE. When the Fed does QE when it wants to do its QE, but when it does it because it has to do it’s not.

BTC Looks Bullish

Last but not least, numerous Bitcoin-centric metrics are also looking bullish. As analyst “Byzantine General” stated via Twitter, last week was a new volume record for Bitcoin. Historically, a breakout with a lot of volume is sustainable.

Bitcoin volume
Bitcoin volume sets new record | Source: Twitter @ByzGeneral

Analyst Ali Martinez, meanwhile, stated that the bullish megaphone pattern remains valid and could signal a rise in the bitcoin price to $34,000.

Bitcoin megaphone pattern
Bitcoin megaphone pattern | Source: Twitter @ali_charts

At press time, the BTC price stood at $27,995, consolidation just below the key resistance zone.

Bitcoin price
Bitcoin price, 1-day chart | Source: BTCUSD on TradingView.com
Featured image from iStock, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

Read more

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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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

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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