The most Bitcoin bulls can hope for is a $17,500 BTC monthly close, argues CredibleCrypto.
The macro picture remained stable on the day, with Asia stocks seeing another day of strength ahead of the Nov. 30 Wall Street open.Hong Kong’s Hang Seng was up 2.2% at the time of writing, with the Shanghai Composite Index managing to recoup initial losses.Analyzing the prospects for December, however, trading firm QCP Capital outlined several “risk events” for Bitcoin hodlers to take note of.
These came in the form of United States Consumer Price Index data on Dec. 13, this coinciding with United States lawmakers’The day after, the Federal Reserve’s Federal Open Market Committee is due to outline inflation expectations and policy. “Thus we believe that while more one-off shocks might not be so forthcoming in a market filled with fear, a continued deflation of the crypto market will continue well into next year as many are forced to continually sell assets to raise liquidity,” QCP“This will likely only end in late Q2-Q3 next year when the real economy gets badly hit from the 4.
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