Q1 2023 Market Analysis: Will Bitcoin Rise Against USD and Above $32,000?
Too Long; Didn't Read- Bitcoin is entering into a new consolidation phase after a strong rebound in Q1.
- The overall rise of the S&P 500 covered the sluggishness of the whole market. As S&P 500 companies release their Q1 earnings, EPS predictions will be reduced. The trend of narrowing profit margins might continue till year-end.
- International capital inflows into the US will further slow down and foreign purchases may even register next decreases as countries accelerate their de-dollarization process.
- Amid the revolt against the US dollar, Bitcoin may return to above $32,000 thanks to catalysts including a slowdown in inflation, mitigation of energy issues, the ceasefire in the Russia-Ukraine war, and the reverse of the M2 supply trend.