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Stubborn drivers are constantly increasing the cost of driving."
In a YouTube update on Feb. 5, Cointelegraph contributor Michael van de Poppe, founder and CEO of trading firm Eight, warned that the tide is due to turn for risk assets.
U.S. “probably” headed for recession — Van de Poppe
Amid confusion over how incoming U.S. macroeconomic data may affect market sentiment, Van de Poppe says there is an increasing chance that the rebound seen in crypto and stocks this year may flip bearish.
Bitcoin, for example, saw 40% gains in January, but like some others, he believes that a disappointing February is a real possibility.
He and others see a disappointing February as a real possibility.
I think people should realize that there isn't a soft landing, it is likely that this downward trend will continue in the markets," he said on the status quo in the long run.
The United States, continued van de poppe, would have "likely" a recession because of the magnitude of the increase in Federal Reserve interest rates.
If an actor starts showing up, for btc/usd, a potential target for retest is in the range of $20,000 to $21,000. This is very much a function of the outcome of the Consumer Price Index (CPI) data for January, forecast for February.
The U.S. Dollar Index (DXY), as Cointelegraph reported, is currently in the process of consolidating after dropping 13% since mid-2022, when it circled twenty-year highs.
The US dollar index (dxy), as reported by cointelegraph, is currently consolidating after falling 13% since the middle of 2022, when it circled the 20-year highs.
Bitcoin bears “stuck in cash”
Meanwhile, others debated the potential for a BTC price pullback ahead of a less significant macroeconomic week.
A higher low would provide a better entry point for longs, popular trader Crypto Tony suggested, arguing that the bear market remained in play
“Even if this was the start of a bull market, and personally, I am still in the camp we are not. You can still get a good safer entry on the higher low pullback," he told Twitter followers on the day.
You can always get a good more secure entry on the lower withdrawal," he told Twitter followers by day.
“People still seem to be confused as to why it’s been up only,” it summarized in a tweet on Feb. 3.
BTC/USD traded at around $23,400 at the time of writing, according to data from Cointelegraph Markets Pro and TradingView, with around 15 hours until the U.S. weekly close.
3.btc/usd exchanged at about $23,400 at the time of writing, according to market data of cointelegraph pro and tradingview, with about 15 hours until the weekly closure of the United States. "Just keep in mind that most bulls are still in custody and not for sale. The bears got caught in the money. The bears are trapped inside the money.“
