E Point Perfect – Interesting and beneficial content

Here’s Why Bitcoin May Drop Even More, According to FS Investments Chief Market Strategist


article image

Alex Dovbnya

Cryptocurrencies are going to suffer even more if the Federal Reserve significantly shrinks its balance sheet

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

FS Investments Chief Market Strategist Troy Gayeski is convinced that cryptocurrencies could face more selling pressure if money supply growth goes negative.

The U.S. Federal Reserve shrinking its balance sheet is going to be a major bearish catalyst for Bitcoin.     

“You should never own more crypto than you could tolerate losing,” Gayeski said.

Bitcoin is currently changing hands slightly above the $20,000 level after shedding recent gains together with U.S. stocks on Tuesday.

Yet, crypto is still one of those asset classes that could potentially quintuple in value over the next four years, according to Gayeski.

Bitcoin is down more than 70% from its record high, CoinGecko data shows.


Source link

Related posts

Arizona State University Plans to Jump on Metaverse Bandwagon

Jim Cramer Says People Who Own Litecoin Are Idiots

XRP Mentioned in UN Paper on Crypto in Africa: Details

Huobi Token Rallies Massively After Exchange Releases This Document

ApeCoin Now Supported by BitPay

3AC Co-Founder Could Face Imprisonment