Is Bitcoin set to see another bull run in the coming weeks? The world’s first digital currency can add a few thousand dollars To its price soon according to cryptocurrency Analyst Marcus Sotiriou, who stated in a recent interview that the asset could find itself trading around $26,000.
Marcus Sotiriou believes BTC may face a slight comeback
While this number is nothing to be excited about, it will probably be a nice breath of fresh air for the many clients and traders who have seemingly lost a lot of money in recent weeks. Let’s not forget that in mid-June, Bitcoin dropped below the $17,000 mark, a price it hadn’t seen in more than two years. The scene was frightening on so many levels, and it put many crypto-lovers on edge.
The cryptocurrency market is suffering from one of the worst bear markets in history. Bitcoin traded at a new all-time high of around $68,000 in November last year, although things have taken a bad turn for the past 10 months and now the coin is struggling to maintain a position in the low-$20,000 range, and there have been many cryptocurrencies out there. The leader followed suit.
The crypto space lost nearly $2 trillion in overall valuation, and in many ways, this puts points in history like 2018 to shame. However, there are several things going on that seem to make bitcoins ready for a crack of some kind. Not so long ago, for example, the slowdown in inflation in America was revealed. Previously, the inflation rate rose to 9.1 percent, a level not seen since 1979 during Jimmy Carter’s presidency.
However, that number appears to have fallen to around 8.5 percent at the time of writing. While this may not sound like something to celebrate, Sotiriou has noted and believes that it will pave the way for Bitcoin to add more to its current price, and believes that $26,000 is on the verge of happening.
This is also the first macroeconomic piece of good news in months, so I think it will be well received and allow Bitcoin to break above $26,000 in the following weeks.
Will the Federal Reserve Help Bitcoin?
There is also speculation that the Fed will seek to halt rate hikes, which have been very popular over the past few months. For this reason, some expect Bitcoin to bear a small comeback before the end of the year, although it is still everyone’s game and it is unclear whether the Fed plans to stick with that narrative.
But Sotirio’s jump is somewhat conservative, at just six percent. Often times, in similar cycles, Bitcoin has weathered such a situation, so there is also the possibility that Bitcoin will surprise us all and do better than expected.
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