While last week’s halt in US interest rate hikes was a positive for Bitcoin, some analysts believe that a price crash is inevitable before the next uptrend begins.
According to CoinDesk, the Asian trading week begins with the price of Bitcoin trading with a decrease of 0.5% in the range of $26,400 and the price of Ethereum trading with a decrease of 0.4% in the range of $1,720.
The 2.2% increase in the price of Bitcoin and the decrease of 1% in the price of Ethereum over the past 7 days also show that these 2 assets had a relatively quiet week. The CoinDesk Market Index (CMI), which measures the market capitalization weighted performance of digital currencies, was slightly negative.
Joe DiPasquale, CEO of Bitbull Capital digital currency fund, wrote in a note about the current market conditions:
Given that the Federal Reserve did not raise interest rates, it seems that the conditions are right for digital currencies to start an uptrend. However, the Federal Reserve’s emphasis on not lowering interest rates in the short term was a challenge for the market.
DiPasquale says that Bitcoin and other major digital currencies have held their prices relatively well during this period, and believes that this is a favorable opportunity to buy and invest in the medium to long term. He added:
However, for now, all eyes are on Bitcoin, especially as its dominance has been increasing due to selling pressure from altcoins. As long as the digital currency market leader maintains the price range of $20,000 to $22,000, buyers should not worry too much.
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