Markets seem to be up, but what's really going on with Bitcoin's price action?
Since March 2022, traders and so-called analysts have been forecasting a policy change or pivot from the United States Federal Reserve.
According to comments issued by the FOMC and during Jerome Powell’s presser, Powell emphasized that the Fed is aware of and monitoring how policy is impacting markets and that the latency of interest rate hikes is being acknowledged and considered.“In order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time.
What is surprising is there was a dash of pivot language, and markets didn’t react accordingly. Let that be a lesson on buying into narratives too deeply. “Bitcoin Market-Cap / Hash-Rate, and normalized the 2 year average” to essentially take “the ratio of energy work done to secure the Bitcoin network in relation to price.”“Today we are seeing valuations unheard of since Bitcoin was $4-6K.”, Edwards also believes that long-term holders have already capitulated. After citing the chart below, Edwards said:
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