After a tough week for the cryptocurrency market, during which Bitcoin (BTC) fell below the $21,000 mark due to worries about an impending interest-rate hike by the Federal Reserve, the leading token is back above that threshold, prompting investors to speculate whether its price could reach the desired $30,000 by the end of August.
By using the ‘Price Estimate’ feature, which enables users to speculate on the future price of cryptocurrencies, the community at CoinMarketCap has predicted that the BTC token will not only reach the critical psychological level but will also trade at an average price of $32,493 by August 31, 2022.
According to crypto community votes, the price of the decentralized finance (DeFi) assets would rise by 51.37%, or $11,026, from its current price by the end of August.
Also, the community anticipates the price to be lower at an average of $32,129 at the end of September. This represents a $10,662 increase, or a 49.67% improvement, over the current price.
At the same time, several experts predict that Bitcoin will reach $30,000 by September 2022. One such expert is CryptoYurii, who thinks the Wyckoff arrangement may be to blame for the token’s erratic pricing behaviour.
According to Bloomberg Senior Commodity Strategist Mike McGlone, BTC could outperform in the second half of the year because it has been “one of the fastest horses in the race since its inception about a decade ago.”
Since the beginning of the year, Bitcoin’s price has decreased by $25,234 or 54.03%, from $46,700 to the current $21,466. At the time of publication, the price had dropped 13.09% over the previous week but was up 2.45% for the day.
Ethereum
The price of Ethereum (ETH) dropped below $1,400 on Tuesday. As of this writing, ETH/USD is trading at $1631.36, up from a low of $1,362.95 on Tuesday.
This move occurs as bulls attempt to recapture a $1,500 price floor that had been in place before Tuesday’s drop.
Since ETH has climbed above $1,500, the resistance level at $1,645 will likely be the next target for bulls.
Disclaimer: This article is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence.
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