Yesterday, the crypto market succumbed to the bearish pressure and the Bitcoin price tumbled below $19,000 to trade around $18,500. Currently, the flagship currency is selling at $19,288 after a surge of 2.90% in the last 24hrs.
Meanwhile, Ethereum is beating Bitcoin as it has gained 8%. At the moment, Ethereum is trading at $1,640. Also the tech stock NASDAQ 100 is up 2.18%, along with Global Stock.
As the market is trying to recover, there are quite a few speculations around the market bottom.
Among the opinions of many experts, a well-known analyst, Michael van de Pope has shared his opinion and claim that there is a market bottom and this is the reason why Ethereum and other altcoins are rising. He also added that yesterday’s dollar drop is another reason for bitcoin and other currencies to rise. He urges his followers to “catch up”.
Bitcoin Price To Surge?
There are also opinions that the dollar decided to surge based on the Federal Reserve’s financial measures and there are no indications that the Fed might move away from its hawkish approach. In addition to this, the CME FedWatch indicator is still pointing toward 0.75% interest rate hikes. If the Federal Reserve goes ahead with its tightened financial measures, the dollar might rise further.
Conversely, another market expert, known anonymously as Crypto Capo, claims that the market is expected to see a bearish pullback. However, analysts are predicting some short-term bull run for Bitcoin as BTC could reach the $22,500 and $22,000 range before falling.
September 13 is when CPI data is to be disclosed and the Fed will decide upon increasing the interest rates which will decide how Bitcoin shall perform in the future.
