Binance CEO CZ and Michael Saylor announced that the Bitcoin bulls are back.
Bitcoin (BTC) bulls seem to be back as the crypto market rallies despite the Fed's rate hike and recession fears. Binance CEO “CZ”, MicroStrategy’s Michael Saylor and Galaxy Investment’s Mike Novogratz say the crypto market is bullish ahead of the FOMC meeting.
Bitcoin (BTC) price increased by 29% in July, reaching $24,294 on July 29 after 2 months. The US Fed's rate hike and negative GDP report failed to push the market rally down amid rising positive sentiment. The Crypto Fear and Greed Index jumped from 11 to 42 last month, pushing Bitcoin to levels above $20,000.
Binance CEO “CZ” eases fears about rising inflation and recession in an interview with CNBC. BTC believes it is bearish above the $20,000 level as the last peak around $20,000 in 2017 acts as a strong psychological barrier.
He said BTC fundamentals are strong, money supply and Nasdaq 100 correlation are all secondary factors. He believes that this recovery, on the other hand, talks of higher inflation and recession, helped BTC adoption.
It argues that logically the crypto market should move against the stock market, but crypto these days is dependent on macro factors due to the smaller market size. Despite the Fed's rate hike and recession fears, both the crypto and equity markets are rising.
“Most people who trade cryptocurrencies today also trade stocks. So there is currently a positive correlation. This situation seems illogical, but this is exactly how it can be explained.”
Bitcoin analyst Willy Woo claims in a tweet on July 30 that Bitcoin accumulation has increased. He shared his personal Bitcoin chart and bear market sub chart showing historical Bitcoin movements. Bitcoin bulls can rally.
BTC advocate and MicroStrategy CEO Michael Saylor believes BTC will drive volatile crypto regulation and rationalization as adoption continues to increase. He used the following statements in his last tweet:
“This month BTC bust has climbed to an all-time high.”
BTC price has risen significantly this week following the recovery in the crypto market and stock market. In the last 24 hours, BTC rose to $24,294 and is currently trading at $23,825, down just 1%. BTC price may continue to rise above the $20,000 level for a longer period of time.
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