Crypto investors were expecting a big jump in the price action for Bitcoin due to BlackRock’s and other financial institutions’ ETF news a couple of months back. While skeptics had seen that price action was pretty much priced in, the naive trader still believed in the moon. However, there is no moon as of yet for crypto investors as Bitcoin price dropped under $30,000 again, going down as low as $25,000. While maintaining the price stability at $26,000 it is still potentially possible that the price can drop even lower to lower $20,000. It looks like Bitcoin is once again on the verge of volatility.
The answer to the crypto future does not only lie in charts and analysis but also global economical situation. There are many factors in global markets and geopolitics that still to this date prevent Bitcoin and other alternatives to go to the so-called moon. The reason is simple. Yes, the crypto attraction is there and the general public is well aware of it but still, mass adoption in terms of usage is not here yet.
We don’t see people transacting with crypto in grocery shops yet. Yes, there are few but that is not mass-scale transactions done by millions of people at the same time. Yes, financial corporations and banks are more and more considering using blockchain for transactions but that is the corporate world and online business utility. Regardless of how it sounds, crypto has not yet reached the average retailer to become the utility of our daily lives. Why? Because at this moment where we are, the government still does not accept and let digital assets fly to the moon because of the uncertainty of the dollar and its future.
It may take more time for the industry to develop, but as we see crypto as a whole spectrum might have a role to play in the new upcoming global environment and economics which is right now under change. There are new organizations forming to step ahead and lead the crypto industry to the front.
As far as short-term investing, the U.S. stock market has still not yet dropped as much as expected. The prices are still very high and people are suffering more and more. Canada has also joined the suffering club as unemployment growth and continually rising prices of goods and products are making it very difficult for people to survive and live average lives.
The bubble is still high and has not yet burst. According to Stankevicius Alternative Investment Banking, the year 2023 was meant for the continuation of unknown market conditions, but the clarity of the next steps is still very blurry. Based on economic factors and conditions we can potentially expect a global moving opportunity in financial markets around November this year in 2023 and another market moving move in early 2024 which will determine the direction of whether the bubble will continue to rise or there will be a correction.
Still by today during till 3rd quarter of 2023, there has not yet been a market-moving situation. Speculating random subjects like UFO appearance just held a temporal distraction from daily suffering, but still, once reality hits, the general public goes back to watching what the government is doing and at some point, the news will burst and markets will move. Stankevicius Alternative Investment Banking recommends novice investors stay out of the market for a moment and regroup. There will be new opportunities in the road ahead.