Bitcoin nears $24K, is now the right time to buy BTC?

Bitcoin (BTC/USD) is one of the largest cryptocurrencies in terms of market capitalization. It has dominated the crypto space ever since its inception and has been the benchmark that all altcoins aim to follow.

If Bitcoin manages to break past the $24,000 price barrier, this would be a representation of a 5% increase in the last 24 hours.

However, when we look at it from the perspective of monthly performance, it is clear that the cryptocurrency saw an increase in value of 35%.

Federal reserve interest rate hike of 0.75% as a catalyst for growth 

The Federal Reserve enacted its second consecutive 0.75% point interest rate increase, taking this benchmark rate to a range of 2.25% to 2.5%.

Chair Jerome Powell noted that there will be a point where the Fed will start to slow hikes and assess their impact.

“We actually think we need a period of growth below potential in order to create some slack”, said Powell. 

Analyst Dylan Leclair showcased that a long position was being built on the derivatives exchange FTX hours before the decision to raise rates. 

All of these developments have led to an increase in the price of Bitcoin (BTC).

Should you buy Bitcoin (BTC)?

On July 29, 2022, Bitcoin (BTC) had a value of $23,933.37.

The all-time high of the Bitcoin (BTC) cryptocurrency was on November 10, 2021, at a value of $69,044.77.

When we go over the performance of the cryptocurrency throughout the previous month, Bitcoin (BTC) had its highest point on June 1 at $31,950.98.

Its lowest point was on June 18 at $17,744.9. This marked a decrease in value of $14,206.08, or by 44%. From June 18 to July 29, BTC has increased in value by $6,188.47 or by 35%. 

With this in mind, we can expect Bitcoin (BTC) to reach $25,000 by the end of August 2022, making it a solid cryptocurrency to buy.

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