Yesterday, the crypto market succumbed to the bearish pressure and the Bitcoin price tumbled below $19,000 to trade around $18,500. Currently, the flagship currency is selling at $19,288 after a surge of 2.90% in the last 24hrs.
Meanwhile, Ethereum is outshining Bitcoin as it has jumped by 8%. At the moment, Ethereum is trading at $1,640. Also, the Tech stock NASDAQ 100 has increased by 2.18% along with Global stocks.
As the market is trying to recover, there are quite a few speculations around the market bottom.
Among several expert opinions, a well-known analyst, Michael van de Poppe, has revealed his opinion and claims that there is a market bottom and this is why Ethereum and other altcoins are surging. He also says that yesterday’s dollar plunge is another reason for Bitcoin and other currencies to surge. He urges his followers to “hold on”.
Bitcoin Price To Surge?
There are also opinions that the dollar decided to surge based on the Federal Reserve’s financial measures and there are no indications that the Fed might move away from its hawkish approach. In addition to this, the CME FedWatch indicator is still pointing toward 0.75% interest rate hikes. If the Federal Reserve goes ahead with its tightened financial measures, the dollar might rise further.
On the contrary, another market expert, anonymously known as Crypto Capo, claims that the market is expected to see a bearish pull. However, the analyst predicts some short-term bull run for Bitcoin as BTC might reach the range of $22,500 and $22,000 before plunging.
September 13 is when CPI data is to be disclosed and the Fed will decide upon increasing the interest rates which will decide how Bitcoin shall perform in the future.
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