The Bitcoin price is hovering around $21,000 on the morning of the 21st. Major altcoins such as Ethereum and Ripple have a similar atmosphere. After the release of the US FOMC minutes, concerns about an interest rate hike in response to inflation increased, and the market fell sharply.
Major altcoins such as Ethereum and Ripple also have a similar flow to the Bitcoin price. However, the market situation is chaotic, with Mimcoin’s Shibainu and others showing a slight rally.
Overall, downward pressure is still great, but some say that it is turning to wait-and-see.
In the market, optimism is spreading that the price of Bitcoin may not move immediately below $20,000. This is because, despite growing inflation concerns, the downward pressure is increasing, but the support level is at the $20,000 level. Among these, more and more people predict a year-end uptrend if only a few inflection points are crossed.
In fact, at a time when recently resigned Bitcoin proponent Michael Sailor, CEO of MicroStrategy, insists that Bitcoin’s status will rise to the “gold” position, Galaxy Digital CEO Mike Novogratz paid 500,000 Bitcoins last month. There have been claims that
There is also a claim of $2 million by the end of the year. According to Forbes report on the 18th (local time), Jesse Powell, CEO of US exchange Kraken, issued an aggressive message saying, “You must not bet on the Bitcoin decline,” and “It will go to $2 million.”
However, the general consensus is that it is not yet a situation to bet on optimism.
Some even argue that the Bitcoin bottom is just beginning and that the mechanical decline will continue. Even the parts where major portfolios such as NFT, Metaverse, and DeFi collapse are attracting attention. In particular, it is said that the DeFi error is having an impact on the decline of Ethereum, and the situation is getting worse. Following the Ukraine war, the US-China war for hegemony is also intense, meaning that three-dimensional investment is needed for the time being.
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