Reserve Dollar

Rally

Bitcoin

<p>The post <a rel="nofollow" href="https://coinpedia.org/bitcoin/bitcoin-bull-run-heres-when-btc-price-can-initiate-fresh-rally-bloomberg-analyst/">Gear Up, Bulls! Here’s Why a Bitcoin Price Surge Could Be Just Around the Corner</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Yesterday, the entire crypto community broke out in celebration for <a href="https://coinpedia.org/crypto-live-news/vivek-ramaswamy-praises-grayscales-court-victory-against-the-sec/">Grayscale</a>’s legal win against the US SEC. Bitcoin witnessed a swift rebound above $27,500 but soon retreated to $27,240. However such fluctuations are seen as common. Trading volumes remained robust, even after the initial surge. </p> 
<p>The On-chain data provider, Santiment noted sustained trading activity after recent cryptocurrency market gains.&nbsp;</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4ca.png" alt="📊" class="wp-smiley" style="height: 1em; max-height: 1em;"> After the news of <a href="https://twitter.com/hashtag/Grayscale?src=hash&amp;ref_src=twsrc%5Etfw">#Grayscale</a>'s victory over the <a href="https://twitter.com/hashtag/SEC?src=hash&amp;ref_src=twsrc%5Etfw">#SEC</a> quickly lifted <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw">#crypto</a> markets, the biggest notable beneficiary actually has turned out to be <a href="https://twitter.com/hashtag/BitcoinCash?src=hash&amp;ref_src=twsrc%5Etfw">#BitcoinCash</a>, due to its increased exposure. This phenomenon was similar to what we saw in mid-June when the <a href="https://twitter.com/hashtag/ETF?src=hash&amp;ref_src=twsrc%5Etfw">#ETF</a> news was first <a href="https://t.co/HzEEEqZqIt">pic.twitter.com/HzEEEqZqIt</a></p>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1696665294108766417?ref_src=twsrc%5Etfw">August 29, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<h2 id="bitcoins-rollercoaster-ride" data-name="bitcoins-rollercoaster-ride" class="wp-block-heading">Bitcoin’s Rollercoaster Ride</h2> 
<p><a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/">Bitcoin (BTC)</a> is back in the limelight, sparking discussions among enthusiasts and investors alike. If Bitcoin manages to maintain a range between $27,000 and $28,000, we might witness a return to stability. However, venturing beyond this range could usher in a period of heightened volatility. Prior to the Grayscale news, attention was captured by a significant whale activity that saw the accumulation of around $388.3 million worth of Bitcoins by both “Whales” and “Sharks,” a fascinating development indeed.</p> 
<h2 id="the-path-to-30000-and-beyond" data-name="the-path-to-30000-and-beyond" class="wp-block-heading">The Path to $30,000 and Beyond</h2> 
<p>Renowned expert Mike McGlone from <a href="https://coinpedia.org/news/probability-skyrockets-to-75-for-spot-bitcoin-etf-approval-says-bloomberg-analyst/">Bloomberg</a> presents an intriguing perspective on Bitcoin’s potential price trajectory. According to McGlone, breaching the $30,000 mark could trigger a substantial upward movement, reminiscent of Bitcoin’s previous surge from $12,000. The analyst suggests that surpassing $30,000 might signify a resurgence in Bitcoin’s value, akin to its performance after the $12,000 mark in 2020.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Bitcoin $30,000 May Be New $12,000, With Fed-Tightening Overhang – The inevitable approval of <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> ETFs in the US is moving closer, but the elephant in the room for all risk assets remains — the <a href="https://twitter.com/hashtag/Fed?src=hash&amp;ref_src=twsrc%5Etfw">#Fed</a> is still tightening despite the tilt toward economic contraction. <a href="https://t.co/3i7MwxiZ3i">pic.twitter.com/3i7MwxiZ3i</a></p>— Mike McGlone (@mikemcglone11) <a href="https://twitter.com/mikemcglone11/status/1696837806717325439?ref_src=twsrc%5Etfw">August 30, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>But this time, there’s a problem. Big banks and financial companies are making it harder for Bitcoin to go up. Also, there’s talk about a special way to invest in Bitcoin, like a special fund, but the US Federal Reserve is causing trouble.</p> 
<h2 id="so-whats-causing-the-market-fud" data-name="so-whats-causing-the-market-fud" class="wp-block-heading"><strong>So… What’s causing the Market FUD?&nbsp;</strong></h2> 
<p>Recently, the Federal Reserve talked about trying to control how prices go up. This made some people think they might increase interest rates, which could change how Bitcoin behaves. McGlone looked at how Bitcoin is doing compared to a group of big companies in the stock market. He found out that while those companies are growing a little, Bitcoin is having a harder time.&nbsp;</p> 
<p>Also Read: <a href="https://coinpedia.org/news/sec-vs-grayscale-verdict-sparks-accusations-of-bitcoin-insider-trading-by-crypto-whales-and-sharks/">SEC vs. Grayscale Verdict: Was Bitcoin Insider Trading at Play?</a></p> 
<p>The analyst says in the last three months, Bitcoin went down by 10%, while the S&amp;P 500, a stock market index, went up by only 1%. Overall this difference suggests that Bitcoin’s bigger drop might be a hint that there could be some economic troubles coming, similar to how dark clouds might signal rain. It’s like Bitcoin is giving a signal about a possible economic downturn.</p> 
<p>In such circumstances, Powell’s commitment to lowering inflation and the market’s response raise worries about Bitcoin’s prolonged rise.&nbsp;</p> 
<p><strong>Will Bitcoin keep staying above $27,000 or is this recovery just another temporary bounce?</strong></p>

Gear Up, Bulls! Here’s Why a Bitcoin Price Surge Could Be Just Around the Corner

Table of Contents

CoinPedia News

Other articles published on Aug 31, 2023

Yearn Community Approved the "Launch v3 Proposal"

Judge Dismisses Uniswap Lawsuit; Describes ETH a Commodity

BingX BTCUSDT scored industry lowest Slippage after Advanced Perpetual Futures Upgrades

City University Ajman and Ajman Municipality Collaborate in Empowering Human Resources through We...

🔥opBNB — New Vote on Roobee DAO!

Swift and Chainlink Collaborate to Foster Interoperability for Tokenized Asset Markets

Join our free newsletter for daily crypto updates!