Is the Crypto Market Headed for a Winter Recession?

The value of the world market for cryptocurrencies has dropped over the last day. The performance adjustment has had an effect on the crypto market Bitcoin, Ethereum, and other cryptocurrencies. Between $19,100 and $20,000, there is a significant price barrier for Bitcoin. According to Charles Schwab, investors in bitcoin may only be beginning to feel the effects of the recession. According to Jeffrey Kleintop, Chief Global Investment Strategist at Charles Schwab, one of the key indicators of the global economy has fallen to hazardous levels. He calls attention to the fact that the overall leading indicators of the OECD are now in danger. Kleintop claims that whenever the crypto market index falls below 99, the global economy enters a recession. The leading indicator for the global economy is this. Early 2020, early 2008, early 2001, late 1990, late 1981, mid-1974, and mid-1970 are all instances when the number fell below 99, as well as early 2020, early 2008, early 2001, and mid-1970. Jeffrey Kleintop 18 October 2022 The global economic slowdown caused by the epidemic happened in 2020, according to him, when this measure last fell below 99. Similar things happened when it dipped below 99 in early 2008, early 2001, late 1990, late 1981, mid-1974, and mid-1970. According to the World Bank, a severe recession will hit the global economy in 2023. The decline in demand is due to central banks' hawkish policy stance. In the crypto market, Bitcoin Price Action: The main resistance is situated at the $20,000 level. Closing above $20,000 might perhaps mark the start of a slow ascent over the coming days. The price might rise to about $21,000 in the fictitious scenario. Any additional gains might pave the way for a move in the $22,500 direction. Near the $18,800 level, there is some initial support for the downside. The key breakdown support is close to the $18,500 area. If there is a negative break, bitcoin could decline in the next sessions toward the $17,500 support.