In part one I had said:
Quote:
"I decided to mark Bitcoin's trend as a secular trend since its inception due to it maintaining a static trajectory regardless of short term economic conditions/trends having a minimal impact on its long term performance, until proven otherwise."
Well, now it has been proven..............
Quote:
"The US Federal Reserve Bank of New York published a 31-page report titled “The Bitcoin – Macro Disconnect”, analyzing the link between Bitcoin and macroeconomic fundamentals. The report states that Bitcoin is unresponsive to both monetary and macroeconomic news."
Article title:
Is Bitcoin Unresponsive to both Monetary and Macroeconomic News?
In the article there is a link that will take you to the 31 page report.
Quote:
"Economic surprises, including retail sales, nonfarm payrolls, trade balance, PPI, and CPI, have a statistically significant effect on all asset prices (e.g., US
dollar exchange rates, precious metal prices, and US stock prices) except Bitcoin."
" findings indicate that Bitcoin does not systematically respond to news about US macroeconomic fundamentals"
"In our empirical analysis,
we find that Bitcoin is unresponsive to both monetary and macroeconomic news. In
particular, the result that Bitcoin does not react to monetary news is puzzling as it
casts some doubts on the role of discount rates in pricing Bitcoin"
-Reference: The Bitcoin–Macro Disconnect February 2023
The Trend is your friend(wink)