After a difficult week for the cryptocurrency industry, in which Bitcoin fell below $21,000 in part due to fears of an impending interest rate hike by the Federal Reserve, the king of crypto is back above this bar. This boom has investors wondering if its price could finally reach $30,000 by the end of August.
The crypto community is quite optimistic for the month of August…
The CoinMarketCap community predicted that the BTC token will not only reach this key psychological level, but on trade at an average price of $32,493 by August 31, 2022, using the ” Price estimate” which allows users to speculate on the future price of cryptocurrencies.
With this prediction, community votes predict that the price of the asset will increase by 51.37% or $11,026 by the end of August from its value at the time of writing.
At the time of publication, 20,325 community members had cast their votes, resulting in the above estimate. It is so a very hopeful prediction from survey participants.
… less for September
About the predictions for the end of Septemberthe public expects the price to be slightly lower, an average of $32,129 based on 14,496 user votes so far. That represents an improvement of more than 45%, compared to the current price.
At the same time, some experts expressed their opinion that bitcoin could indeed Reach $30,000 by September 2022including a crypto trading expert called CryptoYurii, who thinks that BTC price may be hesitant behavior be part of the Wycko configurationoff.
For his part, it is Mike McGlone, senior commodity strategist with Bloomberg optimistic about bitcoinbelieve that the first cryptocurrency could actually better in the second halfis “one of the fastest horses in the race since its inception about ten years ago.” September less exciting but still right for Bitcoin according to these opinions.
There was a strong relationship between price and traditional markets
Since the beginning of the year, the Bitcoin lost $23,810, about 50% of its priceranging from $46,700 to Currently $22,890. The price at the time of writing these lines is a fall of 0.5% over the previous seven days.
In addition, according to data from CoinMarketCap on July 27, the total market capitalization of bitcoin – the largest cryptocurrency according to this metric – currently it stands at $409.5 billion.
Bitcoin has experienced an interesting rebound in the last 24 hours like the overall market. After the Fed announced a key rate hike, it showed Traditional and crypto markets have risen significantly. Bitcoin has just gained 7.30% over 24 hours, Ethereum almost 10% and Solana about 7.3%.
However, of many observers remain cautious. In context Galloping inflation especially in the United States, this rise in interest rates was expected and the market may see a further decline in the coming hours.
Some observers believe that the rise is less severe than expected, which could explain this bullish rally and this relief on the part of investors. However, it has already been clarified by the US Federal Reserve further increases are expected In the coming months.
Markets were expecting a bigger hike. https://t.co/HkR8Upfi52
— Mati Greenspan (@MatiGreenspan) July 27, 2022
Basically, withdrawal is generally observed when the Fed raises interest rates and not the other way around. Once again, we are watching strong correlation between traditional assets and the cryptocurrency market. Many observers are still skeptical about the potential of Bitcoin keep this momentum going in the time. They see it above all as a technical and temporary rebound more than a resumption of the long-term uptrend for Bitcoin.
To learn more about Bitcoin, find our on-chain and technical analysis here.