{"id":480629,"date":"2022-01-07T18:07:04","date_gmt":"2022-01-07T18:07:04","guid":{"rendered":"https:\/\/uniquehot.com\/?p=480629"},"modified":"2024-06-11T14:10:28","modified_gmt":"2024-06-11T14:10:28","slug":"why-bitcoin-could-frustrate-bulls-and-bears-in-2022","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/why-bitcoin-could-frustrate-bulls-and-bears-in-2022\/","title":{"rendered":"Why Bitcoin Could Frustrate Bulls And Bears In 2022"},"content":{"rendered":"<p>Bitcoin has been on a downtrend for the past days recording a 1.8% loss in 24 hours and a 10.5% correction in seven days. The benchmark crypto seems to be reacting to macro-economic factors and could see further downside in the short term.<\/p>\n<p style=\"text-align: center\"><strong>Related Reading | <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/u-s-mining-company-marathon-now-holds-8133-btc-and-theyre-not-selling-it\/\" target=\"_blank\" rel=\"noopener \">U.S. Mining Company Marathon Now Holds 8,133 BTC. And They\u2019re Not Selling It<\/a><br \/>\n<\/strong><\/p>\n<p>As of press time, Bitcoin trades at $42,076 after testing the levels around $40,500. Remains to be seen if current levels will hold and if the crypto market will experience recovery or continue its downside trend into the $30,000s.<\/p>\n<figure id=\"attachment_480631\" aria-describedby=\"caption-attachment-480631\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-480631 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/01\/Bitcoin-BTC-BTCUSD-3.png?resize=860%2C386\" alt=\"Bitcoin BTC BTCUSD\" width=\"860\" height=\"386\"><figcaption id=\"caption-attachment-480631\" class=\"wp-caption-text\">BTC on a downtrend in the 4-hour chart. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/1GNYms9y\/?symbol=BITSTAMP%3ABTCUSD\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD Tradingview<\/a><\/figcaption><\/figure>\n<p>Today\u2019s sell-off was apparently triggered by the release of the U.S. unemployment report. In December 2021 around 200,000 new jobs were added to this country\u2019s economy, far below the expected number above 400,000.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">BREAKING: +199,000 jobs added in December, a major miss from the consensus estimate of +422,,000. <a href=\"https:\/\/t.co\/s3Vgv2pRdr\" rel=\"nofollow\">pic.twitter.com\/s3Vgv2pRdr<\/a><\/p>\n<p>&mdash; Squawk Box (@SquawkCNBC) <a href=\"https:\/\/twitter.com\/SquawkCNBC\/status\/43491077?ref_src=twsrc%5Etfw\" rel=\"nofollow\">January 7, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>This has increased the possibility, alongside the rise in inflation metrics for the U.S. expected to hit around 7% in the upcoming CPI reports, that the U.S. Federal Reserve will increase interest rates. Thus, creating less favorable conditions for the global market and risk assets, such as Bitcoin.<\/p>\n<p>As NewsBTC <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/go-with-the-fed-why-bitcoin-could-benefit-from-interest-rate-hikes-in-2022\/\" target=\"_blank\" rel=\"noopener \">reported<\/a> yesterday, some experts believe risk assets could see shaky months and blood in the short to mid-term, but ultimately benefit from a rise in interest rates. Senior Commodity Strategist for Bloomberg Intelligence Mike McGlone remains confident that Bitcoin will hit $100,000 in 2022.<\/p>\n<p>On a different note, Director of Global Macro for investment firm Fidelity, Jurrien Timmer, thinks Bitcoin will \u201cfrustrate\u201d bulls and bears alike. Many of the former expect a quick bounce towards McGlone\u2019s price target, while the latter investors are targeting $30,000 and much lower. Timmer <a href=\"https:\/\/twitter.com\/TimmerFidelity\/status\/68349450?s=20\" target=\"_blank\" rel=\"noopener nofollow\">said<\/a>:<\/p>\n<blockquote><p>If real rates stay negative, gold and bitcoin could do well this year. But the \u201cexcess money\u201d impulse (M2 growth less GDP growth) has all but vanished. Perhaps both gold and bitcoin will continue to frustrate bulls and bears alike by doing very little in 2022.<\/p><\/blockquote>\n<figure id=\"attachment_480632\" aria-describedby=\"caption-attachment-480632\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-480632 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/01\/Bitcoin-BTC-BTCUSD-2.jpg?resize=860%2C477\" alt=\"Bitcoin BTC BTCUSD\" width=\"860\" height=\"477\"><figcaption id=\"caption-attachment-480632\" class=\"wp-caption-text\">Source: Jurrien Timmer via Twitter<\/figcaption><\/figure>\n<h2>Bitcoin To Keep \u201cCrab-like\u201d Price Action In 2022?<\/h2>\n<p>Timmer further explains that Bitcoin, Gold, and other assets have reacted positively to an increase in the U.S. monetary supply. As the FED attempts to implement changes in its monetary policy, BTC could underperform.<\/p>\n<p>In the first half of 2021, the benchmark crypto saw an impressive rally as the FED contributed to the global increase in liquidity. BTC then moved sideways in the $30,000 to $60,000 range as the macro-economic outlook shifted. On this topic, former BitMEX CEO Arthur Hayes wrote:<\/p>\n<blockquote><p>Since M2% growth stalled, Bitcoin has traded sideways. If M2 is set to hit 0% \u2014 and possibly even go negative \u2014 in short order, the natural conclusion is that Bitcoin (absent any asymptotic growth in the number of users or transactions processed via the network) is likely to go much lower as well.<\/p><\/blockquote>\n<p>In any case, the 2022 outlook seems more complicated than expected and could be mined with surprises and unexpected twists.<\/p>\n<p style=\"text-align: center\"><strong>Related Reading | <\/strong><strong><a href=\"https:\/\/uniquehot.com\/analysis\/btc\/bitcoin-consolidates-below-45k\/\" target=\"_blank\" rel=\"noopener \">TA: Bitcoin Consolidates Below $45K: What Could Trigger Another Decline<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin has been on a downtrend for the past days recording a 1.8% loss in 24 hours and a 10.5% correction in seven days. The benchmark crypto seems to be reacting to macro-economic factors and could see further downside in the short term. Related Reading | U.S. Mining Company Marathon Now Holds 8,133 BTC. And They\u2019re Not Selling It As of press time, Bitcoin trades at $42,076 after testing the levels around $40,500. Remains to be seen if current levels will hold and if the crypto market will experience recovery or continue its downside trend into the $30,000s. Today\u2019s sell-off was apparently triggered by the release of the U.S. unemployment report. In December 2021 around 200,000 new jobs were added to this country\u2019s economy, far below the expected number above 400,000. BREAKING: +199,000 jobs added in December, a major miss from the consensus estimate of +422,,000. pic.twitter.com\/s3Vgv2pRdr &mdash; Squawk Box (@SquawkCNBC) January 7, 2022 This has increased the possibility, alongside the rise in inflation metrics for the U.S. expected to hit around 7% in the upcoming CPI reports, that the U.S. Federal Reserve will increase interest rates. Thus, creating less favorable conditions for the global market and risk assets, such as Bitcoin. As NewsBTC reported yesterday, some experts believe risk assets could see shaky months and blood in the short to mid-term, but ultimately benefit from a rise in interest rates. Senior Commodity Strategist for Bloomberg Intelligence Mike McGlone remains confident that Bitcoin will hit $100,000 in 2022. On a different note, Director of Global Macro for investment firm Fidelity, Jurrien Timmer, thinks Bitcoin will \u201cfrustrate\u201d bulls and bears alike. Many of the former expect a quick bounce towards McGlone\u2019s price target, while the latter investors are targeting $30,000 and much lower. Timmer said: If real rates stay negative, gold and bitcoin could do well this year. But the \u201cexcess money\u201d impulse (M2 growth less GDP growth) has all but vanished. Perhaps both gold and bitcoin will continue to frustrate bulls and bears alike by doing very little in 2022. Bitcoin To Keep \u201cCrab-like\u201d Price Action In 2022? Timmer further explains that Bitcoin, Gold, and other assets have reacted positively to an increase in the U.S. monetary supply. As the FED attempts to implement changes in its monetary policy, BTC could underperform. In the first half of 2021, the benchmark crypto saw an impressive rally as the FED contributed to the global increase in liquidity. BTC then moved sideways in the $30,000 to $60,000 range as the macro-economic outlook shifted. On this topic, former BitMEX CEO Arthur Hayes wrote: Since M2% growth stalled, Bitcoin has traded sideways. If M2 is set to hit 0% \u2014 and possibly even go negative \u2014 in short order, the natural conclusion is that Bitcoin (absent any asymptotic growth in the number of users or transactions processed via the network) is likely to go much lower as well. In any case, the 2022 outlook seems more complicated than expected and could be mined with surprises and unexpected twists. Related Reading | TA: Bitcoin Consolidates Below $45K: What Could Trigger Another Decline<\/p>\n","protected":false},"author":535,"featured_media":478761,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144],"class_list":["post-480629","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\n<title>Why Bitcoin Could Frustrate Bulls And Bears In 2022<\/title>\n<meta name=\"description\" content=\"Bitcoin has been on a downtrend for the past days recording a 1.8% loss in 24 hours and a 10.5% correction in seven days.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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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\u2019s \u2018Neuromancer.\u2019 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\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s 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. 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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\u2019s \u2018Neuromancer.\u2019 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\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s 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.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/uniquehot.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Why Bitcoin Could Frustrate Bulls And Bears In 2022","url":"http:\/\/uniquehot.com\/news\/why-bitcoin-could-frustrate-bulls-and-bears-in-2022\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/why-bitcoin-could-frustrate-bulls-and-bears-in-2022\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/12\/bitcoin-2.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/12\/bitcoin-2.jpeg?fit=640%2C426"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd"],"dateCreated":"2022-01-07T18:07:04Z","datePublished":"2022-01-07T18:07:04Z","dateModified":"2024-06-11T14:10:28Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Why Bitcoin Could Frustrate Bulls And Bears In 2022\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/why-bitcoin-could-frustrate-bulls-and-bears-in-2022\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/why-bitcoin-could-frustrate-bulls-and-bears-in-2022\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/12\\\/bitcoin-2.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/12\\\/bitcoin-2.jpeg?fit=640%2C426\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\"],\"dateCreated\":\"2022-01-07T18:07:04Z\",\"datePublished\":\"2022-01-07T18:07:04Z\",\"dateModified\":\"2024-06-11T14:10:28Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/12\/bitcoin-2.jpeg?fit=640%2C426","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/480629","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=480629"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/480629\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/478761"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=480629"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=480629"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=480629"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}