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This week can mark the trend of Bitcoin during August. We have an important and turbulent week ahead of us with the publication of earnings by many important companies and especially with the publication by the FED of a new rise in interest rates. Most investors surveyed are betting on a 75 basis-point hike (news that would be well received by the markets) but there is a minority calling for a 100-point hike.
If we take into account the previous recessions, we are in a critical situation since the strong recessions (as expected from this one) have resulted in market losses of between 60% and 90%, while the not-so-serious recessions have had falls of even 35%. It is very likely that we still have a strong market adjustment left.
Throughout the week we also have GDP data in the US and some other indicators of the macro and micro economic situation of the country (we already know that what happens in the US reaches the rest of the world).
Waking up today I saw many price alert notifications on my phone and none of them reflected a rise. Bitcoin price is close to $21,100 and Ethereum price is trading around $1,400. It seems that it is time to take profits for those who raised 17K for Bitcoin and 0.8K for Ethereum.
This week will tell us what we all probably know but we still have to wait for the numbers and not anticipate as these numbers often throw up a lot of surprises.
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