Despite Bitcoin’s recent recovery to the key level of $26,100, signaling a crucial point for its future gains and preventing further decline, there are worrisome signals that could raise concerns for Bitcoin bulls in the short term.
The combination of factors presents a potential perfect storm for a market correction.
One contributing piece is the higher-than-expected US August headline inflation, coming in at 3.7% up from the previous month’s 3.2%. Although not a game-changer, it implies that the odds of another rate hike are marginally up, now standing at 53%. Jeroen Blokland, a multi-asset investor, highlights this development.
Additionally, Bloomberg’s senior macro strategist, Mike McGlone, suggests that Bitcoin may be leading a downward trend. McGlone emphasizes that Bitcoin is an “exceptionally liquid” asset that has experienced significant appreciation without being tied to specific projects or liabilities.
However, since it emerged during a period of historically l
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