The crypto market has now entered the recovery stage with the majority of the cryptocurrencies regaining their key price levels. However, the market is yet to see its bull run.
On the other hand, Abra, a crypto wealth management CEO has a bullish approach to the crypto market.
In an interview with Thinking Crypto, the CEO, Bill Barhydt talks about the Purchasing Managers’ Index (PMI) which suggests the US has either entered or is about to get into a recession.
The Purchasing Managers’ Index (PMI) is nothing but an economic indicator that points toward the well-being of the manufacturing and service sectors.
As per Barhydt’s prediction, the US has been in recession for almost a quarter and a half and claims that the recent price rise that we have witnessed had a deliberate effect on the decreased inflation rate.
Further, he claims that at present we are in recession as most of the indicators that are used to understand recession are not indicating a proper signal to the general public. Hence, he says that the present unrealistic rate increase should stop and be patient and wait for the market’s next move.
According to the CEO, the Great Pause will be seen in October, and the 1st half of 2023 will be a great time for Bitcoin and other crypto.
In order to prove his point, Barhydt claims that these risky assets will see a positive moment as there will be an increase in the money supply with the Fed controlling the increasing interest rates.