June PMI data for the United States and the eurozone show economic contraction underway and that the worst is yet to come. What does it mean for bitcoin?
"This, along with many other reasons we’ve outlined, leads us to believe that the bottom isn’t in yet." That's exactly right. While we can't time the market, the bottom won't be seen until investors believe that the Fed will reverse course and begin cutting rates again or reintroduce QE. This won't be for a while. Enjoy the summer -- the Fall will bring some larger swings once again.
But Bitcoin's value will return, especially over the long-run.
"This, along with many other reasons we’ve outlined, leads us to believe that the bottom isn’t in yet." That's exactly right. While we can't time the market, the bottom won't be seen until investors believe that the Fed will reverse course and begin cutting rates again or reintroduce QE. This won't be for a while. Enjoy the summer -- the Fall will bring some larger swings once again.
But Bitcoin's value will return, especially over the long-run.