The editors asked StormGain cryptocurrency exchange expert Dmitry Noskov to give a Bitcoin forecast and share his view on the reasons for the fall of the cryptocurrency.
We tell you when, according to our interlocutor, BTC will be able to return to the $30,000 mark
Dmitry Noskov named several reasons for the fall of Bitcoin. In the first place, in his opinion, is the reaction of the crypto market to the US Federal Reserve rate policy.
“If earlier, as inflation in the US slowed down to 3% in June, market participants expected the regulator to switch to a rate cut, then at its July meeting the Fed crossed out these plans, again raising the rate by 0.25 percentage points. - up to 5.25-5.5% per annum. The Federal Reserve noted that they will continue to increase the rate until the moment when inflation in the country returns to 2%,” our interlocutor explained the actions of the US Federal Reserve.
According to Dmitry Noskov, while the regulator raises the rate, investors will continue to transfer money from the crypto market to more reliable and, at the moment, profitable dollar assets.
Another reason for the fall in the Bitcoin rate, our interlocutor is sure, was the active pressure of the US Securities and Exchange Commission (SEC) on crypto companies:
The regulator filed a lawsuit against the world's largest crypto exchanges Coinbase and Binance.
The SEC also filed an appeal against the court's decision on a partial victory for the fintech company Ripple against the SEC.
In addition, the commission published a list of cryptocurrencies that it classifies as securities, including Solana, Cardano and other well-known digital assets.
The editors of BeInCrypto collected more factors of negative pressure on the crypto market in a review of three key reasons for the fall of Bitcoin.
“With the current dynamics of Bitcoin quotes and the current price of just over $26,000, the market rate of the main digital cryptocurrency may rise above $30,000 by the end of the year, but most likely these will be temporary jumps in value,” said Dmitry Noskov, a Bitcoin forecast.
At the same time, our interlocutor is confident that Bitcoin is unlikely to be able to gain a foothold above the psychological level of $30,000 before the end of the year.
