When Bitcoin was trading above $60,000, the smartest analysts and financial-minded folk told investors that BTC price would never fall below its previous all time high.
These same individuals also said $50,000 was a buy the dip opportunity, and then they said $35,000 was a generational buy opportunity. Later on, they also suggested that BTC would never fall under $20,000.
Of course, “now” is a great time to buy the dip, and one would think that buying BTC at or under $10,000 would also be the purchase of a lifetime. But by now, all the so-called “experts” have fallen quiet and are nowhere to be seen or heard.
So, investors are left to their own devices and thoughts to contemplate whether or not the bottom is in. Should one be patient and wait for the forecast “drop to $10,000” or is now the time to buy Bitcoin and altcoins?
Generally, calling price bottoms is a futile task. What’s really important to focus on is whether or not there are fundamental reasons for choosing to or not to invest in Bitcoin.
Sure, price has changed drastically, but have Bitcoin’s network fundamentals and the infrastructure surrounding Bitcoin as an asset improved or degraded? It’s important to zoom in on this data because for investors, this is where one should be sourcing their confidence and investment thesis.
This is exactly why Cointelegraph hosted a Twitter Spaces with analysts Joe Burnett of Blockware Solutions and Colin Harper of Luxor Mining. Here’s a few highlights from the conversation.
Equities markets will decide when Bitcoin price can “go back up”
According to Blockware Solutions analyst Joe Burnett, Bitcoin price is heavily impacted by Federal Reserve policy and its impact on equities markets. Burnett said:
“The macro environment is obviously heavily weighing on the price of Bitcoin. High CPI inflation has led to an aggressive Fed since November of 2021. Higher interest rates inevitably cause all assets to come down. Interest rates are basically gravity on financial assets, just basically discounted cash flow analysis. And these increasing interest rates are an attempt to destroy demand and and destroy inflation by the Fed. It’s obviously putting pressure on all risk assets, including Bitcoin.”
When asked about the Bitcoin hash ribbons on-chain indicator suggesting that BTC had bottomed and miners had capitulated confirming that the Bitcoin bottom was in, Burnett said “I think with every sort of like on chain type metric, you definitely…
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