Bitcoin Could Plunge to Sub-$10,000 Before Rocketing Higher; Here’s Why

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Bitcoin is flashing some signs of short-term strength as it rebounds from its daily lows This rebound, although strong, has not been enough to send it past any crucial support levels as of yet It also led BTC to see a strong rejection at just below $11,600, which is a sign of weakness behind this movement This rally came about as macro assets responded bullishly to the Fed Chairman’s speech regarding the Fed adopting a 2% average inflation target Bitcoin and the entire cryptocurrency market responded positively to the Fed Chairman’s speech earlier today regarding how the central bank wants to respond to inflation of the US Dollar. During the speech, he also noted that the central bank is setting its sights on a 2% annual inflation target. This speech drove macro asset prices higher, with Bitcoin, gold, and other so-called “hard assets” all gaining. This momentum has not been…

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