{"id":548265,"date":"2023-08-21T19:00:04","date_gmt":"2023-08-21T19:00:04","guid":{"rendered":"https:\/\/uniquehot.com\/?p=548265"},"modified":"2024-06-11T08:10:04","modified_gmt":"2024-06-11T08:10:04","slug":"bitcoin-price-follows-this-1930s-chart-why-btc-could-keep-on-falling","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-price-follows-this-1930s-chart-why-btc-could-keep-on-falling\/","title":{"rendered":"Bitcoin Price Follows This 1930’s Chart, Why BTC Could Keep On Falling"},"content":{"rendered":"

Volatility is back for the Bitcoin price and the crypto market, but it currently favors the bears as value tumbles in the past few days. The nascent sector was moving sideways, but a liquidation cascade forced prices into critical support levels, but the worse might yet come if BTC fulfills a prophecy. <\/strong><\/p>\n

Related Reading: Bitcoin Weekly Chart Completes Double Top: Market Shifts Ahead?<\/a><\/div>\n

As of this writing, the Bitcoin price trades at $26,100 with sideways movement in the last 24 hours. Over the past week, the price of BTC corrected back to $26,000 after its lost support at the high of its current levels.<\/p>\n

\"Bitcoin
BTC’s price trends to the downside on the daily chart. Source: BTCUSDT on Tradingview<\/strong><\/a><\/figcaption><\/figure>\n

Is The Worst Yet To Come For The Bitcoin Price?<\/strong><\/h2>\n

Bloomberg Intelligence\u2019s Senior Commodity Analyst Mike McGlone shared an analysis on social media platform X. Therein, the analyst classified Bitcoin as one of the \u201cbest-performing assets in history,\u201d the cryptocurrency rose from $100 to around $70,000 in less than ten years.<\/p>\n

At the same time, McGlone pointed out the similarities between the Bitcoin price chart and the 1930s stock market chart. During this period, the US economy went through one of its worse history leading to a series of economic reforms.<\/p>\n

Comparing both sectors, McGlone forecasted a potential drop in the Bitcoin price once the US Federal Reserve (Fed) turns its monetary policy around. As seen in the chart below, the financial institution has raised interest rates to slow down inflation.<\/p>\n

\"Bitcoin
Source: Mike McGlone on X<\/figcaption><\/figure>\n

As a result, BTC\u2019s price has declined as liquidity leaves financial markets and uncertainty increases. Unlike popular belief, the Bloomberg Intelligence analyst expects the cryptocurrency to dip further if the Fed loses its monetary policy. McGlone explained:<\/p>\n

One of the best-performing assets in history and a leading indicator — Bitcoin — appears similar to the stock market in 1930. Statistician and entrepreneur Roger Babson began warning about elevated equity prices well before economist Irving Fisher proclaimed a “permanently high plateau” in 1929. The Fed tilts our bias toward a stance similar to Babson’s.<\/p><\/blockquote>\n

The analyst above focuses on the increasing potential benefits for investors getting out of BTC and into government-based financial instruments, such as US Treasury notes which are currently yielding 5%. As long as this environment continues, BTC shows \u201cmostly downward biases,\u201d as the analyst concluded.<\/p>\n

Related Reading: Diamond In The Rough: Solo Bitcoin Miner Secures $160,000 Block Reward<\/a><\/div>\n

On short timeframes, the price of BTC continues to trade sideways, licking its wounds from last week\u2019s liquidation cascades. The last time the cryptocurrency experienced a similar price action was in late 2022, and it took several weeks of sideways price action before a recovery was possible.<\/p>\n

Cover image from Unsplash, chart from Tradingview<\/p>\n","protected":false},"excerpt":{"rendered":"

Volatility is back for the Bitcoin price and the crypto market, but it currently favors the bears as value tumbles in the past few days. The nascent sector was moving sideways, but a liquidation cascade forced prices into critical support levels, but the worse might yet come if BTC fulfills a prophecy. Related Reading: Bitcoin Weekly Chart Completes Double Top: Market Shifts Ahead? As of this writing, the Bitcoin price trades at $26,100 with sideways movement in the last 24 hours. Over the past week, the price of BTC corrected back to $26,000 after its lost support at the high of its current levels. Is The Worst Yet To Come For The Bitcoin Price? Bloomberg Intelligence\u2019s Senior Commodity Analyst Mike McGlone shared an analysis on social media platform X. Therein, the analyst classified Bitcoin as one of the \u201cbest-performing assets in history,\u201d the cryptocurrency rose from $100 to around $70,000 in less than ten years. At the same time, McGlone pointed out the similarities between the Bitcoin price chart and the 1930s stock market chart. During this period, the US economy went through one of its worse history leading to a series of economic reforms. Comparing both sectors, McGlone forecasted a potential drop in the Bitcoin price once the US Federal Reserve (Fed) turns its monetary policy around. As seen in the chart below, the financial institution has raised interest rates to slow down inflation. As a result, BTC\u2019s price has declined as liquidity leaves financial markets and uncertainty increases. Unlike popular belief, the Bloomberg Intelligence analyst expects the cryptocurrency to dip further if the Fed loses its monetary policy. McGlone explained: One of the best-performing assets in history and a leading indicator — Bitcoin — appears similar to the stock market in 1930. Statistician and entrepreneur Roger Babson began warning about elevated equity prices well before economist Irving Fisher proclaimed a “permanently high plateau” in 1929. The Fed tilts our bias toward a stance similar to Babson’s. The analyst above focuses on the increasing potential benefits for investors getting out of BTC and into government-based financial instruments, such as US Treasury notes which are currently yielding 5%. As long as this environment continues, BTC shows \u201cmostly downward biases,\u201d as the analyst concluded. Related Reading: Diamond In The Rough: Solo Bitcoin Miner Secures $160,000 Block Reward On short timeframes, the price of BTC continues to trade sideways, licking its wounds from last week\u2019s liquidation cascades. The last time the cryptocurrency experienced a similar price action was in late 2022, and it took several weeks of sideways price action before a recovery was possible. Cover image from Unsplash, chart from Tradingview<\/p>\n","protected":false},"author":535,"featured_media":548266,"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":[428,1119,78790],"class_list":["post-548265","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusdt"],"acf":[],"yoast_head":"\nBitcoin Price Follows This 1930's Chart, Why BTC Could Keep On Falling<\/title>\n<meta name=\"description\" content=\"Volatility is back for the Bitcoin price and the crypto market, but it currently favors the bears as value tumbles in the past few 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. 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":"Bitcoin Price Follows This 1930’s Chart, Why BTC Could Keep On Falling","url":"http:\/\/uniquehot.com\/news\/bitcoin-price-follows-this-1930s-chart-why-btc-could-keep-on-falling\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-price-follows-this-1930s-chart-why-btc-could-keep-on-falling\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/Bitcoin-Price-BTC-BTCUSDT-7.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/Bitcoin-Price-BTC-BTCUSDT-7.jpg?fit=640%2C424"},"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","btcusdt"],"dateCreated":"2023-08-21T19:00:04Z","datePublished":"2023-08-21T19:00:04Z","dateModified":"2024-06-11T08:10:04Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price Follows This 1930’s Chart, Why BTC Could Keep On Falling\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-price-follows-this-1930s-chart-why-btc-could-keep-on-falling\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-price-follows-this-1930s-chart-why-btc-could-keep-on-falling\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/Bitcoin-Price-BTC-BTCUSDT-7.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/Bitcoin-Price-BTC-BTCUSDT-7.jpg?fit=640%2C424\"},\"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\",\"btcusdt\"],\"dateCreated\":\"2023-08-21T19:00:04Z\",\"datePublished\":\"2023-08-21T19:00:04Z\",\"dateModified\":\"2024-06-11T08:10:04Z\"}<\/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\/2023\/08\/Bitcoin-Price-BTC-BTCUSDT-7.jpg?fit=640%2C424","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/548265","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=548265"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/548265\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/548266"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=548265"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=548265"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=548265"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}