The post Bulls Regain Control: Bitcoin Price To Surge 20% by Mid August? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide
This week has proved to be an important one for Bitcoin, Ethereum, and other cryptocurrencies. Additionally, the global crypto market cap is back to trading above $1 trillion.
The week saw the Federal Reserve increasing interest rates by 0.75%, and the U.S. GDP Report was also released, pointing toward the start of the recession in the country.
Today, much to the joy of investors, Bitcoin has hit a six-week high above $23,881, owing to the recent macro developments.
According to data from TradingView, BTC/USD has made a local high of $24,445- its best performance since June 13.
Recently, the flagship currency dropped below $23,000, but the bulls found an opportunity to push the currency higher after the developments this week.
Bitcoin Price To Hit $25K
As per experts, Bitcoin and altcoins are now parallel to gold, a fact that has further boosted the bullish sentiment toward the market.
The Material Indicators, an on-chain auditing platform, took to Twitter to comment on the present situation and commented that the crypto space was getting “interesting.”
As per the platform, the important price area for Bitcoin would be $25,000.
Ethereum Price Reclaims $1,700
Ethereum has regained its crucial $1,500 level and is trading past $1,700 at the moment.
Meanwhile, one of the popular analysts, Rekt Capital, states that along with Ethereum (ETH), many other altcoins have acquired their key levels and are trading beyond their resistance barriers
At the time of writing, Bitcoin is up by 4.24% trading at $23,925, while Ethereum is selling at $1,713 after a surge of 5.52% over the last 24hrs.