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Bitcoin Price Increase: Another Crash Possible In Future

Manoj Nair



Bitcoin Price

As the adage goes, after the fall comes the rise, which is valid to some extent with Bitcoin. After a dismal performance yesterday when the number one cryptocurrency value tanked 7% and the price fell below $19K, Bitcoins price is currently holding firm at over $19,200. Ethereum is performing even better than BTC when it comes to price movement. Bitcoin Price increases have improved by 2%, while ETH values have improved by more than 7% and are now changing hands at $1,616.

As the Tech-oriented NASDAQ 100 surged by 2.18%, the crypto sector, closely related to the exchange, also flooded. Global stocks in Asia and Australia also had a strong showing. The million-dollar question is whether the bottom is genuinely in or Bitcoin Price Increase is another bull trap.

Bitcoin Price: Bottom vs. Bull Trap

Experts are giving varying interpretations on the question of whether the bottom is genuinely in or whether this is another bull trap. Among the experts who feel that the base is genuinely in is Michael van de Poppe, a significant crypto influencer and CEO of Eight Global. According to Michael, the strong showing by Ethereum and other altcoins is an indicator that the bottom is in. Another reason which has been highlighted is the drop in the dollar value which has helped the crypto sector to rise. A strong dollar is always an Achilles heel for the crypto sector.

However, De Poppe constitutes a small minority. The real reason for the rising dollar is the extremely hawkish policy of the Fed which is pulling out all the plugs to rein in the surging inflation. Experts like the CME FedWatch Tool still expect a vast 75 bps hike. With the Fed continuing its quantitative tightening, the dollar is expected to rise.

De Poppe also believes there will be brief interludes of bullish sentiment followed by tanking in values. Bitcoin Price could surge higher, reach the $22,500-$22,000 range, and then plummet to new lows.

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