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Here's What Bitcoin Needs to Start Recovering, According to This Analyst

Thu, 09/08/2022 - 08:03
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Alex Dovbnya
Trader Dan Nathan does not see bullish case for Bitcoin, top cryptocurrency, in 2022
Here's What Bitcoin Needs to Start Recovering, According to This Analyst
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During a recent episode of CNBC's "Fast Money," Dan Nathan, principal of RiskReversal Advisors, says that it is going to take a pivot by the U.S. Federal Reserve for Bitcoin to start another rally.

Unfortunately for bulls, the trader does not see such a scenario playing out in 2022.

Earlier this week, the Wall Street Journal reported that the Fed was on track to announce another 75-basis point interest rate hike. In his hawkish Jackson Hole speech delivered in late August, Fed Chair Jerome Powell made it clear that the central bank would not pivot away from aggressive tightening.

The Fed has been hiking interest rates at the fastest pace since the 1980s in order to tame high inflation.

Nathan has also noted that the Bitcoin dominance level is at its lowest level in a long period of time, which is unlikely to bode well for the market.

He also says that the top cryptocurrency is trading like an ordinary stock, so bulls will have a hard time crafting a new narrative.

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It was a cruel, cruel summer

Bitcoin's performance was nothing short of disastrous this summer. In June, the cryptocurrency scored its worst month in more than a decade, plunging more than 37.3%.

The flagship coin staged a mild recovery in July, adding 17.9%. However, it then erased virtually all of these gains.

September, a historically bearish month, is also off to an underwhelming start. On Wednesday, the Bitcoin price dipped to $18,540, coming awfully close to the 2022 low.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at