Rise in Bitcoin Price: Is It the End of the Correction?

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Bitcoin (BTC) witnessed a notable rise shortly after the release of US Consumer Price Index (CPI) data on Wednesday. This increase, with BTC surpassing the $66,252 level, comes amid expectations of the potential for the Federal Reserve (Fed) to ease monetary policy and a positive outlook for risky assets, including cryptocurrencies.

This latest rise in Bitcoin offers clues about the overall health and risk appetite of not only cryptocurrencies, but also global financial markets. The Fed’s loose monetary policy raises bullish expectations for cryptocurrencies, as it does for traditional asset classes. Additionally, BTC’s potential move towards historical highs could increase investors’ confidence in risky assets, which could align with overall economic optimism.

On the other hand, this rise in Bitcoin price is seen as a pivotal moment and potentially signals the end of the summer correction. Amid the rise, many famous crypto analysts have offered various predictions about the future course of the cryptocurrency.

Famous crypto analyst Rekt Capital hints that the downtrend in Bitcoin may end after the latest breakout did. With Bitcoin hovering around the $60,000 support level, signs of easing selling pressure have been observed. Rekt Capital emphasized the importance of maintaining the support at the $ 60,000 level, suggesting that Bitcoin’s rise to the $ 66,000 level could be the beginning of a move towards new record levels. This prediction seems to be supported by Bitcoin’s recent price movements and technical indicators.

Similarly, Peter Brandt, another crypto expert, is also optimistic about Bitcoin’s upward trajectory. He predicts that Bitcoin is heading towards new record highs, but emphasizes that a strong break above $67,000 is needed to confirm this.

Bitcoin is on its way to a new peak, according to Peter Brandt: Here’s Why!

In contrast, prominent crypto analyst Michael van de Poppe highlighted Bitcoin’s recent rise as a sign of stability and potential growth. Van de Poppe predicts that this period of calm in the Bitcoin market will likely coincide with accelerating growth in altcoins.

As Bitcoin’s price continues to rise, these analysts’ opinions offer valuable perspectives for investors navigating the crypto market.

You can access current market movements here.

Writer Şerife Pek Doğru about :

I entered the crypto industry with the investment I made in 2019. In the same year, I started writing about blockchain technology and currently work as a writer at KoinFinans. Legal regulations regarding cryptocurrencies are one of the topics I follow.



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