2022 is coming to an end, and our staff at NewsBTC decided to launch this Crypto Holiday Special to provide some perspective on the crypto industry. We will talk with multiple guests to understand this year’s highs and lows for crypto.
In the spirit of Charles Dicken’s classic, “A Christmas Carol,” we’ll look into crypto from different angles, look at its possible trajectory for 2023 and find common ground amongst these different views of an industry that might support the future of finances.
Spilotro: “As a nascent technology, crypto hasn’t been as susceptive to rate cycling in the past. But as it has become a bigger part of the financial system, it now follows by that system’s rules more than the community might like.”
We close this series with an in-house guest, our Editorial Director, Tony Spilotro. Dedicated to spreading knowledge and tools for anyone willing to listen, Tony keeps tabs on the market by promoting critical thinking, going against the crowd, and developing a methodical approach to trading.
Spilotro: “I am confident the mainstream media has it horribly wrong. In fact, the “magazine cover indicator” is one of the most proven ways to pick tops and bottoms in the stock market.”
Tony is a proponent of the Elliot Wave Theory, which has perfectly described Bitcoin and crypto’s price trajectory since the early 2010s. The market is about to take a critical path, but in which direction? This is what he told us:
Q: What’s the most significant difference for the crypto market today compared to Christmas 2021? Beyond the price of Bitcoin, Ethereum, and others, what changed from that moment of euphoria to today’s perpetual fear? Has there been a decline in adoption and liquidity? Are fundamentals still valid?
A: The biggest difference today versus then are the macro conditions and money flow. The Fed tightening did its trick, taking the bull by the horns so to speak. Ned Davis Research had a rule, “Don’t Fight The Fed” and it was proven true over the last year plus. As a nascent technology, crypto hasn’t been as susceptive to rate cycling in the past. But as it has become a bigger part of the financial system, it now follows by that system’s rules more than the community might like. The industry was hurt badly by the domino-effect over the last several months, heightened by the LUNA collapse and FTX fiasco. But Bitcoin and some other cryptocurrencies feel fundamentally strong. Given how rough it is out…
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