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Bitcoin price has once again risen: what lies ahead according to experts?

Bitcoin price. September 30. A review by a Bitcoin mixer: mixer.money
Bitcoin price has once again risen: what lies ahead according to experts?

  1. The crisis in the economy intensifies
  2. Cautious optimism about bitcoin’s price
  3. Hopes for Ether

On Tuesday, September 27, the price of bitcoin broke through $20,000, and on Wednesday it settled at around 19,000, which made the community think again about whether the largest cryptocurrency will become a popular asset in times of high inflation.

The crisis in the economy intensifies

“Following the philosophy of buying when there’s blood in the streets and the common saying of being greedy when everyone around you is fearful, we might be at the opportune time to start slowly placing capital,” said Sheraz Ahmed, managing partner at STORM Partner.

The macroeconomic environment is increasingly affecting the cryptocurrency market in the current market cycle, which is filled with bearish sentiment: fear turning to panic is causing people to sell their assets, with volatility rising. The latest bitcoin price rebound on Wednesday followed the Bank of England’s announcement on the same day that it would buy bonds after the government’s tax cut plan triggered a massive sell-off.

The looming US crisis is also having a major impact. Painful inflation has forced central banks, including the Federal Reserve, to aggressively raise interest rates, putting downward pressure on prices of risky assets from stocks to cryptocurrencies.

According to CoinMarketCap, the capitalization of the global crypto market has fallen from $2.9 trillion last November to $959 billion now.

Cautious optimism about bitcoin’s price

When bitcoin price fell to $18 thousand, there was an opinion that the point of no return is passed and the rate will continue to fall. However, that has not happened yet.

“I think that crypto is just following the same trend as the market and it’s just pure risk-off appetite because of the current volatility and uncertainty,” Defiance ETFs CEO Sylvia Jablonski said.

Support level at $19,000

“If the stock market rally is able to overcome hard landing fears, that should provide a nice backdrop for cryptos,” Edward Moya, senior market analyst at OANDA, wrote. “This broad risk-on rally doesn’t seem like it has legs to stand on, but this bounce could last a little longer.”

Hopes for Ether

Ethereum appears to be showing more resilience to inflation following Ethereum’s historic transition to a more energy-efficient Proof-of-Stake blockchain system. Ethereum’s annual inflation rate since the Merge is about 0.19%, lower than BTC’s 1.75%.

Alexander Lores, director of blockchain market research at Quantum Economics, expected the inflation rate rivalry between BTC and ETH to continue fluctuating “back and forth between now and 2024.”

The ETH / BTC ratio, which measures the price of ETH relative to BTC, started falling after the Merge to its current level of 0.06.

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