Bitcoin, the world’s largest cryptocurrency by market cap, is flashing green after a week of experiencing bearish pressure. However, though the currency seems to be moving favorably, the bears seem to have gained some technical stability in the short term.
A massive price change may be imminent as volatility in the asset has decreased as a result of the break. Contrary to how it may appear from the surface, for the time being, the statistical results indicate a major shift towards the downside.
Previously, the flagship currency witnessed a surge towards $25,000 which was a two-month peak. This is the reason for investors keenly looking forward to Bitcoin’s next price movement.
bitcoin bull run soon
According to CoinMarketCap’s crypto community survey, 20,683 members are of the opinion that the price of bitcoin will jump by more than 30% from its currency price levels to reach the target of around $29,346 by the end of September.
On the other hand Bitcoin’s repeated rejection to surpass $25,000 resistance has worried the traders along with the macroeconomic situation hovering around. This is because, in the past few days, the crypto market has responded negatively to the decisions made by the Federal Reserve in terms of interest rate hikes.
Meanwhile, crypto analysts around the space have a positive outlook for the upcoming crypto market performance. Well-known analyst Michael van de Pope believes that the cryptocurrency ecosystem is rapidly heading towards an uptrend. He also says that the market is much more likely to bounce back than see a fall.
On the brighter side, it has been observed that though there is high volatility around the crypto market, the global crypto market cap is maintaining its position above $1 trillion. It is also important to note that the wider space is eagerly waiting to see what Jerome Powell, Federal Reserve chairman, will address the audience at the annual global central banking conference on August 26.
