Kamil Gancarz, whom we all associate with the “Bitcoin social minimum”, summarized what has recently happened on the cryptocurrency market.
Kamil Gancarz believes that we needed a correction
Kamil Gancarz became very popular on the Polish cryptocurrency market during the previous bull market in 2020-2021. His saying about “bitcoin's social minimum” became famous. He believed that the bitcoin price would be at USD 100,000. And this was supposed to be the “minimum”. Today we know that this did not happen. This was a real ceiling, but the change in Fed policy turned out to be an insurmountable obstacle. The Federal Reserve began lowering interest rates, which took liquidity from the markets and contributed to the collapse of the BTC price.
To date, Bitcoin has not broken the $100,000 level. In addition, there is a correction behind us, which prompted Gancarz to summarize what has been happening on the trading floor recently.
“The last #bitcoin correction was extremely healthy and necessary,” says Kamil. He indicated that the decline was needed “especially to reset some #onchain metrics,” which allowed us “to avoid the market overheating too early and ending the bull market prematurely.”
Even macro interest rate data shows that the current spread between the federal effective rate and the yield to maturity (YTM) of the 13-month #futures #Fed funds indicates a necessary correction. Once we break above 0.74 in this spread, we should expect another incredible rally
– added. He noted that his post is not investment advice.
Current market situation
Today, one bitcoin costs USD 62,800, which translates into a 5% increase over 7 days. Since yesterday, the cryptocurrency has increased by almost 2%. In turn, ether costs USD 3,033, which means a decline of 1.2% during the week and about 1% since yesterday.
There is also an improvement in mood. The fear and greed index is already 66 (greed). Just a few hours ago it was 55.
