After a week of bearish trade, the cryptocurrency market has now gained some bull run as the global crypto market cap has jumped 0.33% over the last 24hrs.
The same is with the majority of cryptocurrencies led by Bitcoin which is up by 2.07% trading at $21,422 at the time of reporting.
While most of the market participants are confused if this is a recovery rally or a bull trap, a senior market analyst at foreign exchange Oanda, Edward Moya, speculates Crypto winter is over.
U intervjuu Coindesk TV yesterday, August 23rd, the analyst claimed that amidst the negative market, a few crypto investors are looking forward to purchasing more Bitcoin (BTC) along with other cryptocurrencies.
Crypto Market To React With Fed Meeting
During the “All About Bitcoin” episode, he quotes that the hodler money is surging, adding to their current position. Hence, he feels crypto winter has found its end.
This speech was based on last week’s bearish market that pulled down Bitcoin’s recovery rally along with crushing traders’ hope. One of the analysts at Delphi Digital, a crypto research firm, penned down a report saying if the flagship currency follows earlier price action, the currency might decline to $10,000 before seeing a spike.
Furthermore, Edward Moya asserts that for the next few months Bitcoin might not find its positive action, but if the bullish sentiment overtakes bears, the currency will soon experience a bullish move.
Moya made his remarks prior to the Federal Reserve’s economic conference to be held in Jackson Hole, Wyoming, in which Fed Chair Jerome Powell is scheduled to speak on Friday aiming at inflation. It’s important to note that all eyes are on the meeting where Jerome Powell is expected to increase the interest rates again, in turn impacting cryptocurrencies.
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Source: https://coinpedia.org/opinion/is-crypto-winter-over-this-is-what-veteran-trader-predicts/