Bitcoin (BTC) bulls appear to be back as the crypto market takes off despite Fed rate hikes and recession fears. Crypto evangelists Binance “CZ” CEO Michael Saylor of MicroStrategy and Mike Novogratz of Galaxy Investment were bullish on the crypto market ahead of the FOMC meeting and believe the recession will drive Bitcoin adoption.
Bitcoin Accumulation on the Rise Amid High Inflation and Recession FUD
The price of Bitcoin (BTC) soared 29% in July, hitting a two-month high of $24,294 on July 29. US Fed rate hike and negative GDP report fail to stem market rally due to rising positive sentiment. The Crypto Fear & Greed Index rose to 42 from 11 last month, making Bitcoin attractive above the $20,000 mark.
Binance CEO “CZ” in an interview with CNBC allays fears around rising inflation and recession. He believes that Bitcoin (BTC) is bearish above the $20,000 level as the last peak around $20,000 in 2017 acts as a strong psychological barrier.
He said that the fundamentals of Bitcoin are strong, the money supply and the correlation of the Nasdaq 100 are secondary factors. The improving regulatory landscape, rising inflation, and recession talk will help drive Bitcoin adoption.
Logically, he states that the cryptocurrency market should move in the opposite direction of the stock market, but cryptocurrencies are tied to macro factors these days due to their smaller market size. Crypto markets and stock markets are on the upswing despite the Fed rate hike and recession fears.
“The cryptocurrency market is so small that every time the big ship fills up or the stock markets crash, people want to have money. Today, most people who trade cryptocurrencies also trade stocks. So right now it’s positively correlated, which is illogical, but that’s the way it is right now.
Bitcoin analyst Willy Woo in a tweeter On July 30 he states that Bitcoin accumulation is on the rise. He shared his personal Bitcoin sell-off and bear market bottom chart depicting Bitcoin’s historical movements. Bitcoin bulls may fuel a rally.
Bitcoin evangelist and MicroStrategy CEO Michael Saylor believes that Bitcoin will lead to the regulation and simplification of cryptocurrencies as adoption continues to rise. In a recent tweetersaid:
“This month, the need to bitcoin hit another all-time high.
Bitcoin bullish above the psychological level of $20,000 and 200-WMA at $22.8,000
The price of Bitcoin (BTC) has risen significantly this week thanks to the rally in the crypto market and the stock market. In the last 24 hours, BTC reached a high of $24,294, currently trading at $23,825, down just 1%.
Bitcoin (BTC) price will remain bullish above the $20,000 level for longer. During this time, it is important to follow price trends above the 200-WMA.
The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.