Bitcoin demand is not where it needs to be yet, in order for price to increase. More information needs to be released regarding rate hikes, and what impact they will have economically. Bollinger bands are getting extremely tight which always leads to massive Bitcoin volatility. After consolidating since December 1st, we see signs of life. See below:
CPI rents and asking rents are vastly different. See this next chart below. Ask yourself, will rents increase drastically with the rest of inflation as they have only begun to do that? What will that do to the middle class and below? When food prices, rent, gas, electricity, clothing are all 2X to 4X what they are now, and unemployment is up. What will the middle class do? It is tragic what is about to happen to America. The middle class will either adopt Bitcoin, or allow themselves to fall into central bank digital currency (CBDC). If they go with CBDC as a default position they are giving away any freedom they have left. Bitcoin is freedom. When it is increasing hundreds or thousands of % annually, while inflation is 30%, 40%, even 50% annually. Inflation cannot hurt them. Without it, they are doomed. Think inflation will never reach these levels? See this chart below:
Also see this article about the Petroyuan negotiation between Saudi Arabia and China, click here to read more.
Hard money destroys money that is loose. USD is about as loose a money as has ever existed. Weimar republic was worse, Venezuela. See this quote from Saifedean Ammous, author of the Bitcoin Standard: