Bitcoin hits a brand new milestone all-time high (ATH) On August 13, a bullish forecast was provided for the top cryptocurrency. Ethereum, too, has seen a remarkable rise in value over the last week. It is also close to its all-time high. It is due to macro factors that have boosted risk-on sentiment.
Bitcoin records new ATH while Ethereum makes massive gains
CoinMarketCap data Bitcoin’s new high-altitude level of $124400 is higher than its old ATH, which was around $123,091 a few months ago. Ethereum has gained almost 30% over the past seven days, and it is only a few percent away from reaching its ATH, which is $4,891. This bullish crypto market momentum is encouraging. ETH is expected To reach a higher ATH as soon as possible.
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The recent Bitcoin and Ethereum rallies have been a result of macro-economic developments that are positive. the U.S. CPI dataThis has raised hopes for a Fed rate reduction in September. CPI data for July showed an inflation rate of 2.7%. This indicated that the inflation level in the United States was stable. The reading is also below the 2.8% expected.
Then, there was also earlier. the July job data After non-farm payrolls rose at 73,000, down from 147,000 expected, it was suggested that there is a weakening in the U.S. employment market. In addition, the May and July figures have been revised from 144,000 to 147,000.
This development has been bullish as it increases the chances of Bitcoin and Ethereum to reach a 25-basis point (bps). September Fed rate cut Those who have tested positive for 99% of the time CME FedWatch. The odds of this happening are 95%. There is also a chance for a 50 basis point increase, a move that would boost the value of these assets. These rate reductions inject additional liquidity to the market. They also increase investors’ interest in riskier assets, such as BTC or ETH.
BTC to continue seeing higher prices
Crypto Analyst Ezy said that the Bitcoin price is in the ‘Sign of Strength’ phase, signaling that this is the beginning of a major bullish move after a period of accumulation Whales. This analyst said that a typical first target for this phase would be the Fibonacci ratio of 1.618, or around $130,000.
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The Ezy has stated the target for the second round is the Fibonacci 2.0 level at around $145,000. final target is around $166,000. He showed in his chart that Bitcoin is likely to reach the targets he set between September and November, when the expected monetary-easing cycle will begin.
Data from CoinMarketCap shows that the Bitcoin price at this time is around $122,600. That’s an increase of 2% over the last 24 hour.
Featured Image from Pixabay Chart from Tradingview.com
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Source: www.newsbtc.com
