Next few weeks crucial for stocks and bitcoin

Next few weeks crucial for stocks and bitcoin

According to forex trader and crypto analyst Alessio Rastani, stock market movements over the next few weeks will reveal whether we are headed for a short-term or long-term recession.

For the period between October and December 2022, the analyst expects the S&P to rally. “If the rally fails and it goes back down, then we will very likely enter a long-term recession and have something similar to what happened in 2008,” Rastani said in a recent Cointelegraph interview.

According to the analyst, such a recession could last until 2024 and would inevitably have a negative impact on Bitcoin (BTC) price.

Speaking on the current pound sterling crisis, Rastani said the main cause is the strengthening of the US dollar. This surge is also putting pressure on most other fiat currencies, including the yen and euro. However, according to Rastani, the US dollar is nearing its top.

“Once we see a clean breakout, sustained breakout above 111.5 and 110 in the Dollar Index, then I think the top is in for the Dollar. And then I expect a multi-month pullback in the Dollar Index back to 104 bis 100,” he explained.

You can watch the full interview on our YouTube channel.

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