The price of bitcoin recently completed a two-month surge that resulted in an increase to over $25,000. As investors are now concentrating on the cryptocurrency’s next target market value, many believe this could lead to further increases before reaching new heights never seen by any other currency or token across all platforms.
An epic two-month run-up has seen the bitcoin price spiking to over $25,000. With bitcoin struggling to keep its price above $21,000, it is starting to look like a bearish Market. The bitcoin market dipped again today, with prices falling by 0.12% to $21,498.36
The leading cryptocurrency, Bitcoin (BTC), has now displayed negative sentiment after first exhibiting bullish indicators. It is evident that the flagship coin has not given up yet. It’s fighting to keep its price above $20,000, and it may succeed.
The cryptocurrency community on CoinMarketCap forecasts that the Bitcoin price will climb by 36.75% from its current value by the end of September 2022. More than 20,000 people voted in this poll to determine the price of their favorite crypto asset
Macroeconomic Conditions Affect Bitcoin
Even though Bitcoin’s recent rally tried to lift the asset out of a prolonged bear market, it is uncertain if this will happen. The community’s forecast remains optimistic but with risks.
The crypto market was not pleased with the Federal Reserve’s decision to raise interest rates, but as macroeconomic concerns continue to take center stage, Bitcoin has failed so far to reach $25K. Bitcoin was down 10% over the previous week but has stabilized at $21,000 as we approach a major shift in store for investors.
Katie Stockton, founder, and managing partner at Fairlead Strategies, says that Bitcoin will return to $18,300.
The largest coin in the world, Bitcoin (BTC), has fallen below its 50-day moving average. According to Stockton, this may signal a significant oncoming decline that will happen soon. Despite the turmoil in Europe, bitcoin trader Michal van de Poppe says that he believes BTC is stable and could derive some advantages from what’s going on with euros.
Historical data show that BTC tends to fall between 14% and 28%. In mid-June, the cryptocurrency fell by 21% below its 200-week moving average, which also matched historical trends.
Stockton Predicts Long-Term Downturn
As the cryptocurrency loses momentum, analysts now see a higher risk for its long-term downturn. However, Stockton predicts that the price of BTC will soon settle.
With the current bearish trend still in effect, Stockton predicts it is likely that we will soon see prices drop to around $18,000.
Cryptocurrency prices have been heavily impacted by macroeconomic conditions this year, with BTC currently trading at a price almost 69% below its all-time high.
Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)