Exactly one month ago today, bitcoin was trading below $20,000 per unit as crypto markets continued to react to growing levels of inflation and central bank policy. However, a month later, the world’s leading crypto token has moved above $23,000, despite consumer prices rising to multi-decade highs. So with this in mind, where could bitcoin potentially be heading in the next few weeks?
Current Market Status
Since then, the Federal Reserve has hiked in back-to-back sessions,
This came as inflation in the United States moved to its
Despite this, bitcoin has quietly moved higher, as the uncertainty which is and was plaguing the market has started to slowly fade.
Although concerns over the magnitude of a recession remain, traders who were concerned about the course of action the Fed would take, have seen some of these questions answered.
As a result of this, price strength in
As of writing this analysis,
After concerns of a potential slowdown in the U.S. labor market, payrolls for July came in at 528,000 last month, versus expectations of 250,000.
This could act as a positive for bitcoin bulls, who have taken a risk-off approach in recent months, on concerns over a potential global recession amidst the inflation crisis.
Although these concerns will continue, investors now have more reason to be bullish, as the landscape of the market begins to slowly shift.
This week has seen gold
If it is able to do so, bitcoin could race above $25,000, with bulls then positioned for a move closer to $30,000 in September.
What price do you expect bitcoin to be trading at in one month’s time? Let us know your thoughts in the comments.
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