Is bitcoin due for another bull run in the coming weeks? The world’s number one digital currency could add a few thousand dollars to its price soon according to crypto analyst Marcus Sotiriou, who stated in a recent interview that the asset could find itself trading for about $26,000.
Marcus Sotiriou Believes BTC May Experience a Slight Comeback
While this number is nothing to get too excited over, it will likely be a nice breath of fresh air for many clients and traders who seemingly lost a lot of money in recent weeks. Let’s not forget that in mid-June, bitcoin fell below the $17,000 mark, a price it hasn’t seen in over two years. The sight was scary on so many levels, and it really put many crypto fans on edge.
The digital currency market is enduring one of its worst bear markets in history. Bitcoin was trading at a new all-time high of approximately $68,000 in November of last year, though things have taken a nasty turn over the past ten months and now the currency is struggling to maintain a position in the low $20,000 range, and there have been many leading altcoins that have followed suit.
The crypto space has lost close to $2 trillion in overall valuation, and in many ways, this is putting points in history like 2018 to shame. However, there are many things occurring that seem to be setting bitcoin up for a break of sorts. Not long ago, for instance, it was revealed that inflation in America was slowing down. Prior, inflation had skyrocketed to 9.1 percent, a level not seen since 1979 during the presidency of Jimmy Carter.
However, it appears this number has fallen to about 8.5 percent at the time of writing. While this may not sound like something to celebrate, Sotiriou has taken notice and thinks it will pave the way for bitcoin to add more to its present price, and he believes $26K is right around the corner.
This is also the first bit of good news regarding the macro economy in months, so I think it will be well received and allow bitcoin to break above $26,000 in the following weeks.
Will the Fed Help Bitcoin?
There is also speculation that the Fed will seek to put halts on its interest rate hikes, which have been exceedingly common over the past few months. For this reason, bitcoin is expected by some to endure a small comeback before the year is out, though it’s still anybody’s game and unclear if the Fed is planning to stick to this narrative.
But the jump presented by Sotiriou is somewhat conservative at only six percent. Many times, in similar cycles, bitcoin has exceeded such a position, so there’s also the possibility that bitcoin could surprise all of us and do even better than anticipated.