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Brent crude oil prices surged to $119, a jump of 25%, while the US stock and bond markets opened lower. The Japanese, Korean, and European stock markets also show signs of a crash!
This is a typical re-pricing under “inflation panic + geopolitical risk,” and historically, such double declines in stocks and bonds have led to Bitcoin’s sharp drop (see Chart 2 below).
The triple declines in 2018, 2020, and 2022 saw Bitcoin fall by at least 50%!
The price range of Brent crude oil is a “thermometer” for the global economy and financial markets (see Chart 3 below). The current spike to 119 indicates a supply crisis and runaway inflation.
It can be said that the current rebound is a short squeeze and a trap before the US stock market opens, as well as the upper shadow of the weekly candlestick, with Wednesday’s CPI, Friday’s PCE, and next week’s Federal Reserve rate decision. $74,000 might be the top of this rebound, and in March, we could see Bitcoin at $50,000 and $ETH at 1400!