$BTC Bitcoin Predicted to Be Bullish Throughout August 2024

The price of Bitcoin (BTC) on Thursday (1/8) fell to as low as US$ 63,000. However, BTC is expected to rebound or strengthen again. This is reflected in CoinmarketCap data, which recorded that the price of BTC rose 0.64% to US$ 64,779 on Friday (2/8).

Tokocrypto trader Fyqieh Fachrur said, even though trading in early August started with a decline, the potential in the future is still large for Bitcoin to rebound or rise. According to him, in August, FUD events such as Mt. Gox, the German government, or the sale of BTC confiscated by the US government is a thing of the past.

“Apart from that, public sentiment will probably turn in a positive direction and become more bullish until the end of next year

In addition, Fyqieh said that macroeconomic sentiment is also expected to improve considering Federal Reserve Chair Jerome Powell's comments at the FOMC press conference, Wednesday (31/7), who said that officials were considering a potential interest rate cut in September 2024.

However, Powell also noted that they would evaluate inflation and upcoming economic data before taking further action.

Fyqieh said that financial markets, especially the crypto sector, have also been looking forward to the FOMC update and the Fed chair's comments. Although a rate suspension had been anticipated, Powell's comments on a potential rate cut in September provided new insight.

According to him, if the price of Bitcoin can reach above US$ 70,000 or around Rp. 1.13 billion, BTC still needs further macro assistance in the form of a round of lower inflation and a projected Fed interest rate cut, to trigger price increases.

For this reason, investors and traders will closely monitor upcoming economic data, because this data will play an important role in the Federal Reserve's decision-making process,

Fyqieh assesses that the Fed's potential interest rate cut in September 2024 could have a significant impact on borrowing costs, $BTC $ETH