Can Bitcoin reach $30,000 by the end of August?
After a tough week for the cryptocurrency sector, during which Bitcoin fell below the $21,000 mark mainly due to fears of an imminent rise in interest rates by the Federal top of this bar. This push is causing investors to wonder if its price could reach the coveted $30,000 by the end of August.
The crypto community is somewhat optimistic for August…
The CoinMarketCap community has predicted that the BTC token will not only reach this key psychological level but will trade at an average price of $32,493 by August 31, 2022. using the “Price Estimate” function allows users to speculate on the future price of cryptocurrencies.
With this prediction, community votes predict that the asset price will increase by 51.37% or $11,026 by the end of August relative to its value at the time of writing these lines.
At the time of publication, 20,325 community members had cast their votes, resulting in the above estimate. So that’s a very optimistic prediction from the survey participants.
…less for September
As for the predictions for the end of September, the community expects the price to be slightly lower, with an average of $32,129 based on the 14,496 user votes to date. This would represent an improvement of more than 45% over the current price.
At the same time, some experts have expressed their opinion that bitcoin could actually reach $30,000 by September 2022, including a crypto trading expert known as CryptoYurii, who thinks that the hesitant pricing behavior of the BTC could be part of the Wyckoff setup.
For his part, Mike McGlone, Senior Commodity Strategist at Bloomberg, is optimistic about bitcoin, believing that the first cryptocurrency could actually outperform in the second half of the year, being “one of the fastest horses in the race since its inception about ten years ago.” A less exciting but still correct September for Bitcoin according to these observations.
Price strongly correlated to traditional markets
Since the beginning of the year, Bitcoin has lost $23,810, or about 50% of its price, from $46,700 to $22,890 currently. The price at the time of writing of these lines shows a decrease of 0.5% on the previous seven days.
In addition, according to CoinMarketCap data on July 27, the total market capitalization of bitcoin - the largest cryptocurrency according to this indicator - currently stands at $409.5 billion.
Bitcoin is experiencing an interesting rebound in the last 24 hours as the entire market. Following the announcement by the FED of the key interest rate hike, all traditional and crypto markets experienced a significant increase. Bitcoin actually just gained 7.30% on 24h, Ethereum nearly 10%,
and Solana about 7.3%.
However, many observers remain cautious. Against a backdrop of soaring inflation, particularly in the United States, this rise in interest rates was expected and the market could see a further decline in the coming hours.
Some observers believe the rise is less severe than expected, which could explain this uptrend and relief from investors. However, the US Federal Reserve has already indicated that further increases are expected in the coming months
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