Will the Bitcoin (BTC) Price Return to $24K?
- Over the weekend, the prices of major digital assets were steady.
- As per CMC Bitcoin has decreased by nearly 2.42%.
For the first time in five weeks, Bitcoin’s weekly trend finished on a bearish note. It soared at $24,000 but then dropped to just under $23,000. However, as long as it continues its upward tendency, the price of Bitcoin (BTC) is still comfortably rising above the $20,000 level. This has gone on for a few weeks now.
Waiting for Fed Chair Speech
Over the weekend, the prices of major digital assets were steady. Investors are believed to be awaiting Tuesday afternoon’s speech by Federal Reserve Chairman Jerome Powell before making any significant changes. Crypto investors are advised to keep in mind that a recession, which many analysts believe will occur later this year or early next year, could have an impact on pricing.
The CEO of Wave Financial, David Siemer, is more upbeat and thinks the current recession won’t be as bad as previous ones. He points to the consumers’ resilience and the fact that the Fed’s measures are slowly having an impact, even though the full effect on the economy would not be felt for another quarter or two.
At the time of writing Bitcoin is currently trading at $22,792.34 with a 24-hour trading volume of $20,726,701,554. BTC has decreased by nearly 2.42% during the day as per CoinMarketCap. Numerous investors anticipate that the price of bitcoin will reverse to the downside. As per the reports, the average expectations came out to a price of $20,000. Which seems to suggest that the current round of estimates has increased the bearish attitude surrounding the digital asset. If this proceeds, bitcoin’s price may hit this level by the end of February.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
