Bitcoin Network Activity Slumps
- By Bilal Hafeez and Dalvir Mandara
- 12 min read
Summary
Trading View (next 2-4 weeks): We like to be bearish bitcoin.
Investment View (next 1-3 years): We like to be long bitcoin.
Macro
- Rate hikes expected.
- June inflation to be released on 13 July.
- Bitcoin’s correlation to the NASDAQ remains close to 70%.
- The probability of recession within the next twelve months is inching closer to 60%.
- The macro backdrop remains bearish.
On-Chain/Flow Signals
- Our metrics are mixed this week: one bullish signal, three bearish, and two neutral.
Overall View
- With the macro backdrop still bearish, and our on-chain/flow signals bearish overall, our overall view remains bearish bitcoin (Chart 1).
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