TradingView data showed a spike in Bitcoin’s price that saw the cryptocurrency hit a new 2023 high of 41,566 dollars. Bitcoin’s outlook remains positive for the time being.
The high level of investor optimism regarding the launch of spot Bitcoin-ETFs and allows the Bitcoin exchange rate to maintain a bullish trend. Read more forecasts from the editorial team in the column
Overall global market conditions and their impact on Bitcoin’s outlook
In the U.S., a measure of stock market volatility has fallen to a near four-year low over the past month, raising concerns that investors are increasingly complacent, betting that the Federal Reserve will be able to curb inflation without causing an economic slowdown.
The Vix index, which measures the premiums investors are willing to pay to protect their portfolios from fluctuations in the S&P 500 index and is widely known as Wall Street’s “fear indicator,” fell to 12.4 from more than 20. That’s the lowest level since November 2019.
The decline came after Wall Street’s benchmark index recorded its best month since July 2022, helped by U.S. inflation falling more than expected to 3.2 percent in October, the first drop in four months.
The slowdown in inflation has added to investors’ growing optimism that the Federal Reserve will start cutting interest rates in the first half of 2024. It’s important to note that the Fed has so far managed to reduce price increases without causing an economic slowdown that would be painful for stocks.
The percentage of gold in the international reserves of the world’s central banks is at an all-time low. Gold storms historic highs as markets bet on the end of the Fed’s rate hike cycle.
Hong Kong will begin hearings on Chinese real estate developer Evergrande’s plans to restructure its more than $300 billion in debt and avoid liquidation.
The Hong Kong High Court has postponed hearings several times on the possible liquidation of Evergrande. Judge Linda Chan said earlier that the hearing would be the last before the ruling was handed down. Evergrande could be ordered to liquidate if creditors reject the debt restructuring plan.
What will be the price of Bitcoin in the short term