BITCOIN TO TRADE AT 74K BUT DONT HOLD YOUR BREATH SAID REKT CAPITAL
Rekt Capital assessment of the situation on the crypto market
Large investors continue to actively accumulate bitcoin coins. However, more and more industry experts are expressing the opinion that the main digital coin should not expect rapid growth in the near future. A popular crypto analyst Rekt Capital adheres to a similar point of view. He believes that now the market needs a certain pause and the market of digital assets is very likely to continue to move in global consolidation.
The specialist noted that the quotes managed to hold the critical support area of $60,000. From this level formed a strong bullish impulse, within which bitcoin rose in price by almost 7% over the past day. This situation indicates that strong buyers have become active in the market conditions. Indirect support for the segment of digital assets was provided by macroeconomic data, which yesterday came from the United States.
According to the current information, the consumer price index slowed down to 3.4%. The current situation makes it possible to talk about a potentially sustainable decline in inflation. This is a positive sign, which may push the Federal System to soon soften monetary policy. A number of economists assume that already in September this year the American regulator will reduce the refinancing rate for the first time in a long time.
In conclusion, Rekt Capital emphasized that in the foreseeable future bitcoin will return to the historical extreme, which was set at $73,800 in March this year. However, it may take "several weeks" for such a scenario to materialize.
Bitcoin is currently trading above the $66,500 area. The market capitalization of the coin is estimated at more than $1.3 trillion. Trading volumes over the previous 24 hours amounted to $41.2 billion.
