Global Recession May Last Until Near 2024 Bitcoin Halving – Elon Musk
Bitcoin (BTC) can use the time until the next block support to halve the fight against recession, Elon Musk suggested.
In a chirping On October 21, the Tesla CEO revealed his belief that the world would not emerge from recession until the spring of 2024.
Musk: Recession ‘likely’ to stick around until Q2, 2024
After the US entered a technical recession with its third quarter GDP data, the debate continues about how much worse the scenario could get.
For Musk, while he long predicted that the US economy would enter recession, the likelihood of a global recession persisting is now real.
Asked on Twitter how long he thought a recession would last, the world’s richest man was noncommittal but erred on the side of years rather than months.
“Just guessing, but probably in the spring of ’24,” he wrote, after saying that “it would be nice to have a year without a horrible global event.”
Musk’s latest forecast seemed particularly painful to crypto commentators.
Still sensitive to macro market moves, BTC/USD fell below $19,000 on the day, data from Cointelegraph Markets Pro and TradingView showed.
The reactions to Musk digested the idea that it may take until Bitcoin’s next halving before price performance sees a significant trend change. The halving is currently planned to take place on 1 May 2024.
“If true, half of CT would be in a mental hospital,” chain analysis resource Material Indicators commented.
The daily chart is facing a make-or-break moment
Closer to home, further research warned that “time is running out” to save Bitcoin’s daily chart from a crash.
Related: New Fidelity report flags ‘stark contrast’ between Bitcoin and fiat currencies
According to commentator Matthew Hyland, a daily close above $20,500 is now a necessary step.
“Bitcoin has consistently made lower highs since June,” he in summary.
“Needless to say, the pressure is now on to make a higher high above $20.5k after retesting the $18k region. Time is running out.”
Earlier this week, Hyland flagged Relative Strength Index (RSI) behavior potentially replicating the final stages of Bitcoin’s last bear market halving cycle of 2018.
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