Bloomberg Analyst Issues Bitcoin Warning, Says BTC Has Hit ‘Exit Signal’ and Could Go Even Lower

Please fol­low and like us:
Pin Share

Bloomberg Intelligence’s cryp­to mar­ket ana­lyst Jamie Coutts is issu­ing an alert on Bit­coin, warn­ing that BTC is becom­ing vul­ner­a­ble to con­tract­ing glob­al liquidity.

Coutts says on the social media plat­form X that Bit­coin hit the mar­ket “exit sig­nal” around mid-July at a price of $29,500, a lev­el that’s about 11% high­er than cur­rent prices.

“Our trend mod­el is still out of the mar­ket (neg­a­tive) from $29,500.”

Source: Jamie Coutts/X

Bit­coin is trad­ing at $26,187 at time of writing.

Accord­ing to Coutts, Bit­coin is only like­ly to turn bull­ish when the lev­el of glob­al liq­uid­i­ty expands.

“Mean­while the glob­al liq­uid­i­ty con­trac­tion (mon­ey sup­ply and cen­tral bank bal­ance sheets) has slowed, but is still deeply neg­a­tive. Until this revers­es, Bit­coin is unlike­ly to go high­er. Like­ly lower.”

Source: Jamie Coutts/X

On the liq­uid­i­ty lev­els in the US, Coutts says,

“And although the US Liq­uid­i­ty index is high­er recent­ly, it’s sim­ply whip­ping around in a side­ways range and there­fore sig­nals are basi­cal­ly noise, unless there is a mean­ing­ful push high­er, which would like­ly only come with a pol­i­cy change from the Fed­er­al Reserve. Not like­ly in the short term.”

Source: Jamie Coutts/X

The Bloomberg Intel­li­gence ana­lyst says that while the antic­i­pat­ed approval of a spot Bit­coin exchange-trad­ed fund (ETF) in the US could poten­tial­ly be a pos­i­tive cat­a­lyst over the long term for cryp­to mar­kets, demand for dig­i­tal assets from insti­tu­tion­al investors is unlike­ly to be sig­nif­i­cant until liq­uid­i­ty rises.

Don’t Miss a Beat – Sub­scribe to get email alerts deliv­ered direct­ly to your inbox 

Check Price Action

Fol­low us on Twit­ter, Face­book and Telegram

Surf The Dai­ly Hodl Mix

Check Lat­est News Headlines


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Gen­er­at­ed Image: Midjourney

Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published.