Bitcoin prepares for a correction
CryptoVerse founder Benjamin Cowen shared his view that Bitcoin may enter a correction in the next few months, expecting it to fall below $20,000.
frominterviewWith Kitco News on Sept. 8, 65, he said that looking back at Bitcoin’s price history, after Bitcoin hits the All Time High (ATH), BTC prices tend to drop more than 70 percent.
Bitcoin’s latest All Time High hit $69,000 in November last year.
“Based on the past several bear markets, the BTC price will drop about 70% below ATH, and the end of the year or the beginning of the new year is the last curve of the cycle.”
How will Fed policy affect BTC price?
An important factor that experts have warned is the policy of the US Federal Reserve (Fed) preparing to adjust interest rates to solve inflation. And it’s a pretty important factor that hinders Bitcoin’s bull cycle.
Now, however, BTC appears to have climbed to $21,000, a climb from $19,000, up more than 10% in the last 24 hours, according to data from BTC. CoinMarketCap
Will The Merge Upgrade Benefit the Crypto Market?
The Merge upgrade is just about to begin and could have a positive impact on the crypto market. and if the upgrade is successful People will become more interested and more confident in the market. Trust in the crypto market is very important to attract institutional investors to the market and grow the crypto market.
“The Merge upgrade is a very important event for the crypto market. If the upgrade goes well I think people will have more confidence in the market. A lot of bad things have happened in the crypto markets this year and I think a lot of people will lose their faith. in the market,” said Benjamin Cowen.
Source: LINK