At Etoro they indicate that Bitcoin still has news from the ecosystem


Javier Molina, Senior Market Analyst eToroshared his weekly market report with Cointelegraph in Spanish, where he talked about various key takeaways and market implications from meetings where central banks celebration this week.

Interest rates

In particular, Molina says that as long as a 0.5% rise is expected, the message that will be given about the future development of expected inflation and the corresponding rates will be important. At present, and subject to market discounts, the expected “breakeven” rate is unchanged at more than 5 percent, a level they say would be maintained until 2023. middle

Inflation

Regarding inflation, Molina commented that it is an indicator that, in the face of various factors, from energy and food shocks to the war in Ukraine and climate change, further analyzing the main drivers of inflation in fiscal policy. of the government the world’s quest to reduce inequality, it seems clear that inflation will not return to 2 percent. “While the downward adjustment is discounted, the question lies with the Fed and its refusal (or not) to receive that data.” On Tuesday, we expected November’s CPI headline data (0.3% forecast), November’s CPI (0.3% forecast) and annual data, which is forecast at 7.3% (previously 7.7%).said

Bitcoin

According to Molina, due to Bitcoin From a technical point of view, and as long as the volume of Spot does not reach 3 billion. USD up to 5 billion USD, we may have few clues as to the timing of the breakout. The analyst says that while the global macro side may have an impact, there is still news to digest from the ecosystem and that this could lead to short-term volatility. “The $15,500-$17,500 range continues to dominate the current market momentum.” Over 17.5 thousand USD directly up to USD 20,000. After losing 15.5 thousand USD would be $12,500.he emphasized.

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Forecasts for 2023

On the other hand, Molina talked about the fact that every year on these dates, investors are bombarded with different predictions for the next year. He also advised not to pay too much attention to it because, as 2022 proved again, the mistakes were huge. “So, and with one of these forecasts for GDP, the bank expects the S&P500 to fall to 3,500 points in the first half of the year, before ending the year above 4,000 points.” If the US economy goes into recession, the PER will fall to 14 times, and the target would be 3150 points.he showed

“The table below shows the different scenarios”he added.

This content is for informational and educational purposes only and should not be construed as investment advice or investment recommendation. Furthermore, the information and/or opinions expressed in this article do not necessarily reflect the views or editorial line of Cointelegraph.

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Source: news.google.com

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