{"id":103873,"date":"2023-06-03T18:52:45","date_gmt":"2023-06-03T18:52:45","guid":{"rendered":"https:\/\/dripp.zone\/news\/index.php\/2023\/06\/03\/why-bitcoin-will-not-retest-20000-anytime-soon-crypto-news\/"},"modified":"2023-06-03T18:52:48","modified_gmt":"2023-06-03T18:52:48","slug":"why-bitcoin-will-not-retest-20000-anytime-soon-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/why-bitcoin-will-not-retest-20000-anytime-soon-crypto-news\/","title":{"rendered":"Why Bitcoin will not retest $20,000 anytime soon\n &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p>\t\t\t\t\t\t<br style=\"clear: both; display: block; float: none;\"\/><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><i><span style=\"font-weight: 400;\">The possible increase in the US CPI and bank withdrawals could ensure Bitcoin&#8217;s price rise.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\"><i><span style=\"font-weight: 400;\">BTC&#8217;s short-term projection remained bearish at press time.<\/span><\/i><span style=\"font-weight: 400;\"> <\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">BitMEX co-founder Arthur Hayes published a Substack newsletter, explaining why <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/search\/Bitcoin\" data-wpel-link=\"internal\"><span style=\"font-weight: 400;\">Bitcoin [BTC]<\/span><\/a><span style=\"font-weight: 400;\">  will not lean toward $20,000 ahead of the next bull run.  In an <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptohayes.substack.com\/p\/patience-is-beautiful\" data-wpel-link=\"external\"><span style=\"font-weight: 400;\">articles<\/span><\/a><span style=\"font-weight: 400;\">  Titled &#8220;Patience Is Beautiful,&#8221; Hayes pointed to several factors as reasons for his projection.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Some points he raised included the Consumer Price Index (CPI) and the crises in the US banking sector.  For context, <\/span><span style=\"font-weight: 400;\">The Consumer Price Index is a key economic metric that measures the overall change in consumer prices based on the cost of goods and services.<\/span><\/p>\n<h3><b>A high CPI is Bitcoin&#8217;s gain<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Regarding the CPI, the current Chief Information Officer (CIO) of the exchange noted that inflation would reach a local low in the country before re-accelerating later in the year.  He wrote, <\/span><\/p>\n<blockquote>\n<p>\u201cDue to the statistical phenomenon known as the base effect, the higher month-on-month (MoM) inflation readings of 2022 will drop out to be replaced with lower MoM inflation readings of summer 2023.\u201d<\/p>\n<\/blockquote>\n<p><span style=\"font-weight: 400;\">Hayes also agreed with Bianco Research&#8217;s CPI projection of above 5% by December 2023. Notably, a higher CPI indicates higher inflation. <\/span><\/p>\n<div id=\"attachment_318243\" style=\"width: 781px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-03-at-09.28.06.png\" data-wpel-link=\"internal\"><noscript><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-318243\" class=\"size-full wp-image-318243\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-03-at-09.28.06.png\" alt=\"US CPI projection in relation to Bitcoin\" width=\"771\" height=\"568\" srcset=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-03-at-09.28.06.png 771w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-03-at-09.28.06-300x221.png 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-03-at-09.28.06-768x566.png 768w\" sizes=\"auto, (max-width: 771px) 100vw, 771px\"\/><\/noscript><\/a><\/p>\n<p id=\"caption-attachment-318243\" class=\"wp-caption-text\">Source: Bianco Research<\/p>\n<\/div>\n<p><span style=\"font-weight: 400;\">Prior to his latest release, the former exchange CEO had said that the <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/will-bitcoin-feel-the-tremors-as-u-s-debt-limit-deadline-nears\/\" data-wpel-link=\"internal\"><span style=\"font-weight: 400;\">debt profile<\/span><\/a><span style=\"font-weight: 400;\">  of the US Treasury would drive more demand for Bitcoin. <\/span><\/p>\n<h3><b>Outflow from the banks<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Regarding the banking system crises, Hayes opined that investors would most return to the action of 2020 and 2021. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">During that period, a large percentage of investors moved their funds from the traditional sector to the money market and other markets that offered <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/despite-bitcoins-price-hurdles-positive-signs-emerge\/\" data-wpel-link=\"internal\"><span style=\"font-weight: 400;\">better yields<\/span><\/a><span style=\"font-weight: 400;\">,<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Interestingly, it seemed that investors were already taking action, based on the Federal Deposit Insurance Corporation (FDIC). <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fdic.gov\/analysis\/quarterly-banking-profile\/qbp\/2023mar\/qbp.pdf#page=1\" data-wpel-link=\"external\"><span style=\"font-weight: 400;\">Q1 report<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The agency noted that total deposits decreased for the fourth consecutive quarter, as it mentioned, <\/span><\/p>\n<blockquote>\n<p>\u201cTotal deposits declined $472.1 billion (2.5 percent) between fourth quarter 2022 and first quarter 2023. The quarterly decline is the largest reduction reported in the QBP since data collection began in 1984. This was the fourth consecutive quarter that the industry reported lower levels of total deposits.<\/p>\n<\/blockquote>\n<h3><b>Bears in the price action<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Meanwhile, BTC has experienced a slight <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/bitcoin-outshines-these-commodity-assets-is-2023-the-year-of-btc\/\" data-wpel-link=\"internal\"><span style=\"font-weight: 400;\">respite<\/span><\/a><span style=\"font-weight: 400;\">, as its price increased by 1.84% in the last seven days.  But in terms of volatility, the Bollinger Bands (BB) showed that the king coin has contracted.<\/span><\/p>\n<hr\/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">read <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\" data-wpel-link=\"internal\"><span style=\"font-weight: 400;\">Bitcoin&#8217;s [BTC] Price Prediction<\/span><\/a><span style=\"font-weight: 400;\">  2023-2024<\/span><\/p>\n<hr\/>\n<p><span style=\"font-weight: 400;\">In addition, the technical outlook revealed that BTC had exited the overbought region since the price no longer touched the upper band. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, the uptick may not last due to the state of the Exponential Moving Average (EMA).  At the time of writing, the 20 EMA (cyan) had crossed the 50 EMA (yellow).  Therefore, the press time trend might have turned bearish.<\/span><\/p>\n<div id=\"attachment_318242\" style=\"width: 1643px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTCUSD_2023-06-03_09-59-19.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-318242\" class=\"size-full wp-image-318242\" src=\"data:image\/svg+xml,%3Csvg%20xmlns=\" http:=\"\" alt=\"btc price action\" width=\"1633\" height=\"877\" data-lazy-srcset=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTCUSD_2023-06-03_09-59-19.png 1633w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTCUSD_2023-06-03_09-59-19-300x161.png 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTCUSD_2023-06-03_09-59-19-1024x550.png 1024w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTCUSD_2023-06-03_09-59-19-768x412.png 768w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTCUSD_2023-06-03_09-59-19-1536x825.png 1536w\" data-lazy-sizes=\"(max-width: 1633px) 100vw, 1633px\" data-lazy-src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTCUSD_2023-06-03_09-59-19.png\"\/><noscript><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-318242\" class=\"size-full wp-image-318242\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTCUSD_2023-06-03_09-59-19.png\" alt=\"btc price action\" width=\"1633\" height=\"877\" srcset=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTCUSD_2023-06-03_09-59-19.png 1633w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTCUSD_2023-06-03_09-59-19-300x161.png 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTCUSD_2023-06-03_09-59-19-1024x550.png 1024w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTCUSD_2023-06-03_09-59-19-768x412.png 768w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTCUSD_2023-06-03_09-59-19-1536x825.png 1536w\" sizes=\"auto, (max-width: 1633px) 100vw, 1633px\"\/><\/noscript><\/a><\/p>\n<p id=\"caption-attachment-318242\" class=\"wp-caption-text\">Source: TradingView<\/p>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The possible increase in the US CPI and bank withdrawals could ensure Bitcoin&#8217;s price rise. BTC&#8217;s short-term projection remained bearish at press time. BitMEX co-founder Arthur Hayes published a Substack newsletter, explaining why Bitcoin [BTC] will not lean toward $20,000 ahead of the next bull run. In an articles Titled &#8220;Patience Is Beautiful,&#8221; Hayes pointed [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":103874,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-103873","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/103873","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=103873"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/103873\/revisions"}],"predecessor-version":[{"id":103875,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/103873\/revisions\/103875"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/103874"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=103873"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=103873"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=103873"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}