Bitcoin (BTC) price, which has been on the rise despite the US Federal Reserve (FED) interest rate hike and recession concerns, supports the idea that the worst may be behind. Despite everything, the three veteran names of the crypto industry, who took the floor after the rising crypto market, Binance CEO Changpeng Zhao (CZ), MicroStrategy CEO Michael Saylor and crypto money analyst Willy Woo explained the necessary conditions for the bull before and after the FOMC meeting.
The price of Bitcoin (BTC), which increased by 29 percent in July, is trading at $ 23 thousand 856 at the moment of writing. The Fed rate hike and negative GDP report could not stand in the way of the emerging market. The crypto fear and greed index jumped from 11 to 42 last month, making BTC over $20,000 attractive. As Binance CEO Changpeng Zhao mentioned in his CNBC interview, the $20,000 level is very important for Bitcoin because this level, which peaked in 2017, is now a psychological support.
Binance CEO Changpeng Zhao stated in an interview that the fundamentals of Bitcoin are now strong. Changpeng Zhao, who describes details such as money supply and Nasdaq correlation as a “secondary factor”, believes that higher inflation and recession concerns will help Bitcoin adoption. Changpeng Zhao has good reasoning even though he says the opposite of his reasoning! Because Changpeng Zhao thinks that it will act exactly against logic due to the small size of the crypto market. On the other hand, it should be reminded that stock markets have also risen against the Fed's interest rate hike and recession concerns.
“The cryptocurrency market is so small that whenever there is a big ship tank or the stock market crashes, people want to hold cash. Most people who trade crypto today are also trading stocks. So there is currently a positive correlation, which is illogical, but that That's the current situation."
Famous crypto analyst Willy Woo claimed that Bitcoin accumulation increased by supporting it with a chart he shared on Twitter. According to this detail, Michael Saylor also supports Willy Woo, who stated that Bitcoin bulls could go on a rally run within a year.
Saylor thinks that as adoption increases, the BTC price will increase. On the other hand, just as $20,000 is a psychological support for the Bitcoin price, above $22,800 is an important indicator for the bull. Above this level, market analysts believe that Bitcoin could start its bull run.