Bitcoin is approaching $24,000, is now the right time to buy BTC?
Bitcoin (BTC/USD) is one of the largest cryptocurrencies in terms of market capitalization. It has dominated the crypto space since its inception and has been the benchmark that all altcoins aim to follow.
If Bitcoin manages to break past the $24,000 price barrier, this will represent a 5% increase over the past 24 hours.
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But when we look at it from the perspective of monthly performance, it is clear that the cryptocurrency saw a 35% increase in value.
Federal Reserve rate hike of 0.75% as a catalyst for growth
The Federal Reserve adopted its second consecutive 0.75% interest rate hike, taking that benchmark rate to a range of 2.25% to 2.5%.
Chairman Jerome Powell noted that there will be a point at which the Fed will begin to slow hikes and assess their impact.
“We actually think we need a period of below-potential growth to create some slack,” Powell said.
Analyst Dylan Leclair showed off that a long position was built on the derivatives exchange FTX hours before the decision to raise interest rates.
All these developments have led to an increase in the price of Bitcoin (BTC).
Should You Buy Bitcoin (BTC)?
On July 29, 2022, Bitcoin (BTC) had a value of $23,933.37.
The all-time high for Bitcoin (BTC) cryptocurrency was on November 10, 2021, at a value of $69,044.77.
Going over the cryptocurrency’s performance over the past month, Bitcoin (BTC) had its highest point on June 1 at $31,950.98.
The lowest point was on June 18 at $17,744.9. This marked a decrease in value of $14,206.08, or by 44%. From June 18 to July 29, BTC has increased in value by $6,188.47 or by 35%.
With this in mind, we can expect Bitcoin (BTC) to reach $25,000 by the end of August 2022, making it a solid cryptocurrency to buy.
Where to buy right now
To invest simply and easily, users need a low-fee broker with reliability. The following brokers are highly rated, recognized worldwide and safe to use:
- Etoro, trusted by over 13 million users worldwide. Register here >
- Capital.com, simple, easy to use and regulated. Register here >
*Investment of crypto assets is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.
