Bitcoin (BTC) Soars, Breaking Macroeconomic Models...Is It Writing New History?

▲ Bitcoin (BTC), Dollar (USD)/AI Generated Image

Bitcoin, which neutralized the downward pressure warned by macroeconomic models and broke through the $83,000 mark in one go, is poised to rewrite the market cycle itself with this weekly close.

According to U.Today, a cryptocurrency specialized media outlet, on September 23 (local time), Bitcoin (BTC) is trading around $83,850, testing the limits of classical macroeconomic prediction models. Despite the triple whammy of rising energy prices, the Federal Reserve's (Fed) hawkish monetary policy, and soaring U.S. Treasury yields, the leading virtual asset has demonstrated strong upward momentum, even breaking through the high recorded last May. This counter-trend rally, which defies market pessimism, is fundamentally shaking the price prediction framework based on traditional financial theories.

Market analyst Benjamin Cowen, who had maintained a pessimistic outlook, officially admitted that his bearish prediction was wrong. Cowen had believed that further declines were inevitable due to macroeconomic headwinds such as surging oil prices and rising Treasury yields, but he assessed that Bitcoin achieved an upward breakthrough, ignoring all these obstacles. As the decoupling trend from traditional markets becomes clear, questions are being raised about the validity of existing investment strategies that rely on macroeconomic indicators.

Traders and institutional investors are now focused on the upcoming weekly close. If this week's closing price is confirmed above a key resistance level, it could be a decisive moment confirming a full-fledged bull market breakout. Conversely, there are also persistent cautionary voices suggesting that if it fails to settle above due to ongoing macroeconomic pressures, it could merely be a temporary false breakout.

Unlike Bitcoin's exceptional solo run, the overall altcoin market shows a clear difference in sentiment, continuing a differentiated market trend. The market assesses that the closing form of this week's candlestick will be a significant turning point that redefines the entire Bitcoin market cycle and investor sentiment, beyond simple short-term price fluctuations.

[Article Key Summary]

-Bitcoin broke through the $83,000 mark, overcoming macroeconomic headwinds such as surging oil prices and Fed tightening, thereby neutralizing traditional price models.

-Analyst Benjamin Cowen, who had predicted a decline, admitted his bearish outlook was wrong, confirming the strong resilience of the virtual asset market.

-The result of this week's candlestick closing price has emerged as a key test to determine the authenticity of the bull market breakout and the direction of the overall market cycle.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*