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The post Bitcoin Bull Run: Here’s When BTC Price Can Initiate Fresh Rally – Bloomberg Analyst appeared first on Coinpedia Fintech News
There is nothing that impacted crypto more than the Grayscale’s legal win against the US SEC, Bitcoin witnessed a swift rebound above $27,500 but soon retreated to $27,240. However such fluctuations are seen as common. Trading volumes remained robust, even after the initial surge. The On-chain data provider, Santiment noted sustained trading activity after recent cryptocurrency market gains.
After the news of #Grayscale's victory over the #SEC quickly lifted #crypto markets, the biggest notable beneficiary actually has turned out to be #BitcoinCash, due to its increased exposure. This phenomenon was similar to what we saw in mid-June when the #ETF news was first pic.twitter.com/HzEEEqZqIt
People are talking about Bitcoin again, and if it stays between $27,000 and $28,000, things might settle down. But if it goes beyond this range, things could get more unstable. Before the news about Grayscale, there was a massive whale activity of around $388.3 million Bitcoins accumulated by “Whales” and “Sharks”, which is interesting.
In the Downtrend Analyst says $30K is the new $12K. If?
An expert at Bloomberg, Mike McGlone, thinks Bitcoin’s price might start going up a lot if it hits $30,000, just like what happened when it was $12,000 before. McGlone says going past $30,000 could mean Bitcoin’s value starts getting better after a period of going down, like when it was $12,000 in 2020.
But this time, there’s a problem. Big banks and financial companies are making it harder for Bitcoin to go up. Also, there’s talk about a special way to invest in Bitcoin, like a special fund, but the US Federal Reserve is causing trouble.
But what’s causing the FUD in the Market?
Recently, the Federal Reserve talked about trying to control how prices go up. This made some people think they might increase interest rates, which could change how Bitcoin behaves. McGlone looked at how Bitcoin is doing compared to a group of big companies in the stock market. He found out that while those companies are growing a little, Bitcoin is having a harder time.
The analyst says in the last three months, Bitcoin went down by 10%, while the S&P 500, a stock market index, went up by only 1%. Overall this difference suggests that Bitcoin’s bigger drop might be a hint that there could be some economic troubles coming, similar to how dark clouds might signal rain. It’s like Bitcoin is giving a signal about a possible economic downturn.
In such circumstances, Powell’s commitment to lowering inflation and the market’s response raise worries about Bitcoin’s prolonged rise.
Will Bitcoin keep staying above $27,000 or is this recovery just another temporary bounce?
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