Over the past few months, the price of Bitcoin has made a leap from $29,000 to $44,000, forming 8 green weekly candles. Ultimately, Bitcoin became “overheated”, which led to the interruption of a powerful bull run.
Against this backdrop, sellers have tried to increase pressure on Bitcoin, but have achieved only limited success.. As a result, the Bitcoin rate formed a range of $40.5 -$43,700, within which consolidation is taking place.
The general situation on world markets and its impact on the Bitcoin forecast
Recent signs of economic strength in the US have more and more investors putting their faith in the “soft landing” theory – a scenario in which the Federal Reserve successfully curbs inflation without triggering a recession.. This growing confidence in this rather rare outcome has helped lift the three major US financial indexes into 2023.
Year to date, the Dow Jones Industrial Average is up 13% to set new all-time highs, the broad-based S&P 500 is up 23% and the tech-heavy Nasdaq Composite is up 42%.
However, analysts at JPMorgan Chase and Deutsche Bank, as well as other financial institutions, still see a recession as a distinct possibility in the next 12 to 18 months.
They worry that the impact of higher interest rates has not yet been fully felt in the economy, and consumers have so far propped up the economy through excessive spending, which is draining savings and forcing many to take on more debt.
Some analysts argue that an economic downturn is possible (or even likely) as this situation progresses.
Potential confirmation of analysts’ fears can be seen in the bond market, which is sounding the alarm about the worst recession in decades.
There is a significant increase in the number of decorations and related products in the EU Christmas market. The United States was the leading importer last year, with more than €3.5 billion.
Despite economic woes, UK expects Christmas spending to lead Europe this year. Retail sales are forecast to approach €100 billion, followed by Germany’s estimate at €85 billion. On the other hand, Belgium is expected to spend a modest 11.5 billion euros.
What will the price of Bitcoin be in the near future?