Bitcoin, the world’s largest cryptocurrency by market cap, is flashing green after a week of experiencing bearish pressure. However, though the currency seems to be moving favorably, the bears seem to have gained some technical stability in the short term.
A massive price shift may be imminent because the volatility in the asset has decreased as an outcome of the break. Contrary to what it might appear like from the surface, at the moment, statistical outcomes refer to a larger shift towards the downside.
Previously, the flagship currency witnessed a surge towards $25,000 which was a two-month peak. This is the reason for investors keenly looking forward to Bitcoin’s next price movement.
Bitcoin Bull Run Soon
As per CoinMarketCap’s crypto community survey, 20,683 members are of the opinion that Bitcoin price will see a jump of more than 30% from its currency price levels to hit a target of nearly $29,346 by September end.
On the other hand Bitcoin’s repeated rejection to surpass $25,000 resistance has worried the traders along with the macroeconomic situation hovering around. This is because, in the past few days, the crypto market has responded negatively to the decisions made by the Federal Reserve in terms of interest rate hikes.
Meanwhile, the crypto analysts around the space have a positive approach to the upcoming crypto market performance. A well-known analyst, Michael van de Poppe is of the opinion that the crypto ecosystem is moving strongly towards a bullish sentiment. He also says that the chances for the market to surge is much higher than to see a drop
On the brighter side, it has been observed that though there is high volatility around the crypto market, the global crypto market cap is maintaining its position above $1 trillion. It is also important to note that the wider space is eagerly waiting to see what Jerome Powell, Federal Reserve chairman, will address the audience at the annual global central banking conference on August 26.
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