“This is not a market bottom things are not going to go up steadily from here as we are going to be buying fewer tech products for a while so everyone has fewer units to make as post-COVID demand = pre- COVID”
-Morgan Stanley-
In this way, they referred Morgan Stanley to the technology stock market, which is the market to which the price of Bitcoin is most correlated. So far we have seen some improvements caused by some positive news such as good employment data, lower oil, and some raw materials, earnings reports that are less bad than expected, and even the news of the deal between Coinbase and Blackrock.
But the data on job cuts from several technology companies shows us that production is not going to be as strong in the coming months and the market is going to notice it. The worst earnings results are yet to come in the technology sector.
There is still one factor that can be a damper on the markets, pessimism. In all the forecasts, the worst possible scenarios are being considered, which makes the markets react based on the forecasts to anticipate the data. But once the data is better than expected, the market welcomes the news with optimism. There are a few interesting weeks left and today is a key day, in half an hour IPC data in the USA.
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