Many experts agree that sooner or later the No. 1 cryptocurrency will show itself by demonstrating a powerful spurt to new price heights. They believe that Bitcoin will be the future and you need to invest in a digital asset now. However, the strong volatility of the general crypto-market, and particularly, Bitcoin scares off potential participants in the digital race.
Bitcoin rises in price for several days in a row, adding about $800. On Thursday, August 1, for the BTC they gave $10,300. During the past week, Bitcoin showed signs of uncertainty as the bulls sought to contain pressure on the market. Market players are hoping that, after easing the pressure, BTC will begin a reversal of the short-term trend and exceed key resistance levels in the $11,000 area.
Some participants in the cryptographic market, such as Tom Lee, consider the Fed's decision to lower the rate as the reason why Bitcoin is becoming more expensive. A crypto enthusiast is confident that the cut in the Fed rate will help BTC to reach $20,000 by the end of the year. He believes that such aggressive growth leading cryptocurrency is quite possible.
According to some experts, Bitcoin can rise to the level of $10,500 (50-day MA) in the near future. However, if the asset is fixed at a level above $11,120, the bulls will be able to seize control of the market.
Currently, traders remain neutral with respect to the short-term trend for the benchmark cryptocurrency. Some of them believe in the next rise of bitcoin prices but many are skeptical. Experts record the weakening of pressure from BTC vendors and pay attention to the formation of space for a new trend reversal.
