At the time of writing this article, the price of Bitcoin dropped to $25,800 due to the Balancer hack announcement. Investors are concerned about a new wave of selling. Last week’s extreme sell-offs caused massive losses in altcoins. So, what are the current crypto experts expecting? What can investors expect in the coming weeks?
Dmitry Noskov, the crypto expert from StormGain exchange, recently shared his predictions about the markets. Noskov, who is considered one of the popular crypto analysts, explained the reasons behind the recent drop in Bitcoin (BTC) prices. He also shared his comments on the $30,000 Bitcoin price target.
According to Noskov, the Federal Reserve’s interest rate policy is the main driving force behind the Bitcoin price. Rising rates are causing investors to move money from crypto to dollar assets.
“Market participants were expecting the Fed to ease its rate hikes after US inflation dropped to 3% in June. However, the bank disappointed these expectations by raising interest rates to 5.25-5.5% in the July meeting. Additionally, it committed to raising rates until inflation drops to 2%.”
The recent sanctions imposed by the US Securities and Exchange Commission (SEC) on crypto firms are also dragging down crypto prices.
Noskov also said that considering the current market conditions, Bitcoin could surpass $30,000 by the end of the year. However, even if the price reaches $30,000 in the next few months, Noskov does not believe it would be sustainable psychologically. It is quite an ambitious prediction, but considering recession expectations, regulatory pressure, and many other negatives, we cannot say it is completely unfounded.
“Considering the recent market dynamics and the $26,000 price point, it is unlikely that the largest cryptocurrency will see more than temporary spikes in its value.”