Bitcoin price target rising to $25,000
7/20/2022, 10:51 AM
The Bitcoin price has recovered strongly in recent days, jumping to over $23,500 on Tuesday. This represents a 25% increase over the past seven days, making Bitcoin worth as much as it has been in 30 days. The altcoins, led by Ethereum/Ether, have followed suit.
Ethereum/Ether has seen the strongest gains among the top currencies, increasing by almost 50% to over $1,600 in the past few days. This is reflected in the so-called "Crypto Fear & Greed Index", which after the crash was at 6 points and after the recent recovery has once again reached 30 points.
Despite the recent crypto-disasters, experts believe that this is far from the end for Bitcoin and Co. At a meeting of G20 finance officials, Eddie Yue, CEO of the Hong Kong Monetary Authority (HKMA), said that cryptocurrencies in general and the sector of decentralized finance (DeFi) in particular will continue to play an important role in the financial sector.
There are some likely catalysts for the price recovery, including a statement by the Bank of America last Friday that there are "persistent signs of diminishing selling pressure" in cryptocurrencies.
Positive market observers see the permanent crossing of the $22,000 mark as the breaking of a trend channel that has kept the Bitcoin price below this level so far. As a result, the $25,000 mark could now be targeted.
Many investors are now wondering whether this marks the end of the crypto winter or just a brief respite. The risks are still tangible, such as high inflation, the impact of the gas crisis and possible further interest rate hikes by the US and EU central banks, which could trigger another sell-off at any time.
Matching this, 21Shares is introducing its new Bitcoin ETF. So the hyperadation is in full swing. The next few days and weeks will show whether the upswing is short-lived or whether the next run has already begun.
Read more about the new 21Share EFT here: GlobeNewswire
Ethereum/Ether has seen the strongest gains among the top currencies, increasing by almost 50% to over $1,600 in the past few days. This is reflected in the so-called "Crypto Fear & Greed Index", which after the crash was at 6 points and after the recent recovery has once again reached 30 points.
Despite the recent crypto-disasters, experts believe that this is far from the end for Bitcoin and Co. At a meeting of G20 finance officials, Eddie Yue, CEO of the Hong Kong Monetary Authority (HKMA), said that cryptocurrencies in general and the sector of decentralized finance (DeFi) in particular will continue to play an important role in the financial sector.There are some likely catalysts for the price recovery, including a statement by the Bank of America last Friday that there are "persistent signs of diminishing selling pressure" in cryptocurrencies.
Positive market observers see the permanent crossing of the $22,000 mark as the breaking of a trend channel that has kept the Bitcoin price below this level so far. As a result, the $25,000 mark could now be targeted.
Many investors are now wondering whether this marks the end of the crypto winter or just a brief respite. The risks are still tangible, such as high inflation, the impact of the gas crisis and possible further interest rate hikes by the US and EU central banks, which could trigger another sell-off at any time.
Matching this, 21Shares is introducing its new Bitcoin ETF. So the hyperadation is in full swing. The next few days and weeks will show whether the upswing is short-lived or whether the next run has already begun.
Read more about the new 21Share EFT here: GlobeNewswire