The US did not avoid a hard landing

It just hasn't happened yet

The US isn't in a recession. Yet that doesn't mean it has avoided one. 

The yield curve is inverted. Inflation is on the high side. And thanks to the rate hikes, raising new debt is expensive. You can’t look at that and think the economy is just doing fine.

There was no soft landing because there was no landing at all. Which also means the US did not avoid a hard landing either.

This is a problem for crypto because no landing means no clear view of what global liquidity will do next. And growth in crypto depends on the expansion of global liquidity.

So lets review why the US is not in a recession and what we needs to happen to bring clarity to the market.

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The US did not avoid a hard landing

The takeaway

Bitcoin like all risk assets runs on global liquidity.

Without global liquidity expanding (or a clear path to it) the continuation of the bull market is in question.