Can bitcoin reach $ 30,000 before the end of August?

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After a tough week for the cryptocurrency industry, with bitcoin dipping below $ 21,000 due in part to fears of an imminent Federal Reserve rate hike, the cryptocurrency king has risen above that bar once again. This surge leaves investors wondering if the price could reach the coveted $ 30,000 by the end of August.

The cryptocurrency community is quite optimistic about August …

The CoinMarketCap community has predicted that the BTC token will not only reach this important psychological level, but will also trade at an average price of $ 32,493 until August 31, 2022 through the Price Estimation function, which allows users to speculate on the future price of cryptocurrencies.

With this prediction, community voices predict it the price of the asset will increase by 51.37% or $ 11,026 by the end of August of its value at the time of writing.

At the time of publication, 20,325 community members have voted, resulting in the above estimate. So this is one very optimistic forecast survey participants.

… less for September

What predictions end of Septemberthe community expects a slightly lower price, $ 32,129 on average based on 14,496 user ratings. This would mean an improvement of over 45% over the current price.

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At the same time, some experts felt that Bitcoin could actually do it. reach $ 30,000 by September 2022including a cryptocurrency trading expert named CryptoYuri, who believes that BTC price fluctuations are entirely possible. Become part of the Wycko configurationout.

For his part, Mike McGlone, Bloomberg’s senior commodity strategist, bullish on bitcoinbelieve that the first cryptocurrency can actually outperform in the second half, “one of the fastest horses in racing since its introduction about ten years ago”. The month of September is less exciting, but still correct for bitcoin based on these observations.

A price strongly correlated to traditional markets

Since the beginning of the year in Bitcoin lost $ 23,810, which is about 50% of its price.compared to $ 46,700 Currently $ 22,890. The price at the time of writing has dropped 0.5% over the past seven days.

Furthermore, according to CoinMarketCap data from July 27, the total market capitalization of bitcoin – the largest cryptocurrency according to this indicator – it currently stands at $ 409.5 billion.

Bitcoin, like the market as a whole, has shown an interesting recovery in the past 24 hours. After the Fed announced the rate hike, everyone Traditional and cryptocurrency markets are seeing a significant increase. Bitcoin only increased by 7.30% in 24 hours, Ethereum was up by nearly 10%, and Solana was up by around 7.3%.

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However, from Many observers remain cautious. In the context uncontrolled inflation Particularly in the US, such a rate hike was expected and the market could see another decline in the next few hours.

Some observers believe the rally was less pronounced than expected, which could explain this bullish rally and investor relief. The American Federal Reserve has already announced this. a further increase should be expected In the next months.

The markets were expecting a bigger increase. https://t.co/HkR8Upfi52

– Mati Greenspan (@MatiGreenspan) July 27, 2022

Indeed, rollback is usually observed when the Fed raises interest rates, not the other way around. Looking again strong correlation between traditional assets and the cryptocurrency market. Many observers remain skeptical of Bitcoin’s possibilities. keep this momentum on occasion. They see this as primarily a technical and temporary recovery rather than a resumption of the uptrend for bitcoin over time.

To learn more about Bitcoin, check out our online analysis and technical analysis here.

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