Macro Indicators are in Bunch of Uncertainty
The underway bear market in which almost all the digital assets have contributed is expected to continue. The macro indicators also have showcased a sign of uncertainty probably due to the US Presidential Election. Moreover, the most preferred digital assets BTC and ETH are also correlated to Macro according to Director of Research at the Block, Larry Cermak.
My current take on the market is that the short term outlooks is quite shit. Macro is in a bunch of uncertainty and will remain so IMO until after the election. BTC/ETH still correlated to macro. DeFi projects and meme coins have run out of market buyers and cooldown is necessary — Larry Cermak (@lawmaster) September 23, 2020
He also said that the market buyers in the DeFi market are exhausted and therefore currently the ‘cooldown’ time has approached. However, he made it clear that this bearish trend would not continue for a long time. As more of other stuff like DeFi, yield farming, etc was taking place in the crypto space that led to an overheated environment. And as a result, Bitcoiners became farmers for a while.
Bitcoin Bull Market is still on the Toes
While the crypto space underwent a huge dip in the past couple of days, yet a major bull run is awaited for the crypto space in the coming days. A bitcoin analyst, MoonCarl has predicted that BTC can touch $20000 any week from now, and hence stacking Bitcoin would be a strong move.
Bitcoin and other altcoins currently facing a slight decline and also trending in a very narrow range. However, the narrow fluctuations are supposed due to the US Presidential elections which are approaching very soon.
On the contrary, if the bear market continues, a good bitcoin buy phase would also open up a huge buying pressure that could pump the bitcoin price in the coming days.
Collectively, despite the current downtrend, the traders and the crypto followers have maintained a positive approach and expect a huge bull run in the coming days.
Bitcoin which successfully maintained above $10,000 for almost more than 50 days is another indicator that points to an upcoming breakout.
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