As expectations increase over the inflation info that had been planned to make public by the upcoming week, Bitcoin’s value has slightly shifted above $21,000. Government intervention in the crypto industry is currently a hot topic of debate among traders as the crypto field even now is deficient in the coherence factor which it needed to progress ahead.
Despite this, Bitcoin has somehow advanced to as much as 9% in the past one day as BTC currently is at the $21,034 mark; the flagship virtual exchange at present has a total industrial cap of $402 billion, as per the information received through certain relevant sources.
Due to the drop in the United States Dollar Index (DXY), BTC is now feeling strengthened, with Bitcoin’s position improved on various crypto meters and value predictors as these have started giving a green signal in the ‘Buy’ section for BTC.
Following this progress, it is entirely expectable that the value of Bitcoin might increase to touch the $21,500 mark, and if this level stabilizes and stays, a reach to as much as $25,000 level may be on the way, as claimed by the crypto-asset investment analysts Michaël van de Poppe opines.
“The markets are following this nicely. Great sweep of the lows, reclaim, and strong candles implying strength is back for Bitcoin, as the $DXY index is falling down. In that case, we might continue towards $21.5kish, consolidate and hold above $20k and continue towards $23-25K.”
Although regardless of Bitcoin showing signs of progress in the crypto industry Benjamin Cowen, Founder, CryptoVerse, has appealed that Bitcoin might go through several further ups and downs in the upcoming scenario.
“Comparison of the various bear markets, you know we spend a few months sitting at about 70% down from the all-time high, and then it’s like at the end of the year, or early the following year, we get that final capitulation,” said Cowen.
As per Cowen, one of the most crucial things to keep in mind is the way the Federal Reserve aims to reduce the increasing inflation value. He believes that traders should be alert when facing increased interest rates.
Gargi Sinha is working as Senior Journalist at Confea. She has completed her Masters in Journalism from Delhi University. She has interest in crypto and blockchain technology.