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Bloomberg Analyst also highlighted the importance of tasks, who have repeatedly shown a remarkable relationship with bitcoin. The bottom line is that there are somewhat more powerful forces in the markets when the stock market falls at the same pace as it did in 1H, he said.

McGlone also insisted The key role played by the Federal Reserve Which is doing aggressive rate hikes in 2022. This development could create headwinds for riskier assets such as cryptocurrencies and stocks by increasing the returns paid by less risky securities and making them more attractive.

Fight fight the Fed has been my mantra for riskier assets since late last year, he said, adding that Bitcoin and cryptocurrencies were an important part of the 2021 race and therefore part of the 2022 discharge, but I see bitcoin and ethereum coming next,

,Bitcoin on its way to becoming a global digital security In a world that is running like this and Ethereum is a major driver of the digital revolution, as evidenced by making possible the most widely traded cryptocurrency: the dollar token, McGlone said.

Bud White, co-founder and chief product officer of crypto software company Tassen, also weighed in on the matter, stating that the digital currency is currently trading well below its actual value,

I believe bitcoin is not only incredibly oversold, but it is also in a major accumulation zone. With bitcoin every price increase, We increase both its market value and utility value, he indicated.

If you look at the market cap, or MVRV, of bitcoin at its real value, we see it around one, which suggests that the market cap of this asset has dropped to its true utility value, White said. This also tells me that the massive selloff we have experienced in recent months due to Terra, Three Arrows and LOT has a relatively small number of forced sellers staying in the market. So Bitcoin It appears that $18,000 . have a very solid baseline at or near , He continued.

White said that despite strong support near the above price level, Bitcoin Is Hovering Near $23,000 Recently, Until now, and keep in mind that cryptocurrency prices can change rapidly and dramatically, this has been very high despite the employment report coming in, White said.

,Looks like markets are already pricing in monetary tightness These sky-high figures resulted in an even more aggressive outburst by the Federal Reserve. Stocks are down and yields are up, said the expert. And then, bitcoin is just floating, said the market watcher.

I am not saying that we are experiencing a separation of bitcoin from stocks. Certainly we may be down another leg in terms of the price of bitcoin. But this relative strength tells me that Most bitcoin sales may be overdue , And barring any external shocks to the markets, such as credit markets looking to be on the verge of a breakdown, I think investors still see bitcoin as a good buy at these levels, White said.

While White was discussing bitcoins recent price resistance, Tim Enning, managing director of Digital Capital Management, said that the cryptocurrency There may be a retest of recent lows below $18,000which arrived in June.

Bitcoin has made a good if not completely reassuring change, of US$20 thousand as recent resistance (as of 15 July) to support (after that date, tested once on 26 and 27 July, and solidly up since then), Ennejing said. He added: Although it has been a good move Yes, it has been quite slow and, apparently, uncertain, especially given the pause of the summer.

As a result, most people are still hedging their bets on whether BTC will retest the June 18 low at $17.6k. Going forward, I would expect a more general slide, a slight positive move, and this That the floor will not be retested. It is a 50-50 proposal if $20,000 will be retested, he said.

According to the Crypto Fear and Greed Index provided by Alternative.me, investor sentiment has steadily strengthened in recent weeks. This index, which ranges from zero The 100 for extreme fear and extreme greed is currently at 31, indicating fear.,

The figure has been on an upward trend since June 19, when it reached a value of six, indicating a state of extreme fear. Too, Index remains at 20 or higher since July 18 ,

Armando Aguilar, an independent crypto analyst, commented on how the measure has changed in recent weeks. ,fear and greed index From the low 20s after the big crash of some crypto protocols and service providers, he said.

Investors have returned to buying the digital asset and the fear indicator has moved towards the yellow/buy zone, Aguilar said. ,Historically, when the index was 30. , the market has seen an uptick in prices, He continued.

Aguilar provided a comprehensive analysis assessing the big picture. ,There are still hidden macroeconomic and geopolitical pressuresSo if stocks take a hit and investors exit the riskier asset, bitcoin could hit previous lows, he said. However, given the current environment and if bitcoin is able to break above the resistance level, So it could experience a positive price increase, Aguilar concluded.

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Bitcoin In The Price Race: What's Next For The Cryptocurrency According To Crypto Gurus - Nation World News