Let's take a look at a couple of charts using text-book patterns and previous Bitcoin bear-market analogs. Nothing is certain, but I find technical analysis interesting nonetheless.

This is a smashing chart. It's quite elaborate, and worth taking the time to understand properly. It does feel like we've been here before and my friend 888Velvet does a great job and laying it out for us.

I won't bore you with the many (dozens?!) of indicators that point to a bottom to the Bitcoin price.

Equally, or perhaps more compelling, is the undeniable influence of central banks and restrictive monetary policies on asset prices.

Is this time different?

Will the Fed pause/pivot soon?

Many macro-analysts are already screaming: Stop! Demand is collapsing already!

The Fed was late to wake up to inflation. It might just be late again to realise we are already deep into a recession. Incompetence, is a repeating pattern of behaviour, like markets :)

When that Fed pause arrives (however late), the markets and Bitcoin will rip - and yes, "faces will melt".

TOP STORIES

Intel has struck $30B deal to build a new chip factory!

• Part of the factory will be used to build Intel's "energy efficient" Blockscale ASIC bitcoin miners. Intel and Brookfield Asset Management inked the deal that will be 51% funded by Intel.

Visa has launched a virtual Bitcoin card across Europe in a partnership with NearPay

• Users of the NearPay Card can make transactions with cryptocurrency anywhere Visa is accepted. European customers can only get virtual cards from the corporation, but physical cards "will be launched soon."

51% Bitcoin trading volume is fake - Forbes study

• Forbes examined the bitcoin trading volume of 157 crypto exchanges across the world. Using it's own methodology that Forbes has not disclosed, it concluded that on June 14, the sector's estimated daily global bitcoin volume was $128 billion, 51% less than the $262 billion obtained by adding the total self-reported volume from various sources.

Venezuelan currency dropped 35% against the U.S. dollar this week

• The strengthening U.S. dollar has impacted many LATAM nations. Two factors leading to Bolivar decline; he surge in government spending, which has led to more bolivars in people's hands, and businesses that are buying dollars to protect their savings.

SEC postponed a decision on VanEck's latest #Bitcoin ETF application to October 11.

• No surprises here.

Canada, Germany, Brazil, Singapore, Australia, Korea and many others have regulated, liquid, well-functioning spot Bitcoin ETFs publicly listed.

Japan to review cryptocurrency taxes to stop startups leaving.

• Japan's PM declared 2022 to be "the first year of creating startups". There is a 30% flat tax on all digital asset gains for corporates, but individual investors are subject to a maximum tax rate of 55%.

Extortionate!

Cryptocurrency will negatively affect our currency, capital flows, and the stability of the banking industry - Reserve Bank of India

• Huge if true! :)

Bitcoin is a vote on a government's monetary and fiscal policies. Governments acting responsibly and with prudence have little to fear in this regard.

We are moving our policy stance purposefully… to return inflation to 2%

• In his recent speech, the United States federal reserve chairman said the FOMC set the inflation target to 2.25 – 2.5%, far from its current percentage of 8.5. The Fed chair acknowledged that bringing inflation down to the target would cause pain for families and businesses; however, there would be far more suffering if the fed did not restore price stability.

Already collapsing demand might come to the aid of central banks to quell some inflationary forces and avert the need for significant rate rises beyond 2022. TBD.

Thank you for reading :)

Please share with your friends and colleagues.

Cheers,

Archie