Bitcoin, which had a disappointing year in 2022, has once again reached the $30k level since last June. While this has excited my fellow traders, it has raised concerns in me about the possibility of another downturn in the future. To gain insight into what lies ahead for the cryptocurrency market, I decided to compile opinions from industry experts.
Let's start with Kirill Ostrovsky, a highly experienced manager in the IT and FinTech sectors. Kirill highlights the remarkable rise of the cryptocurrency market in the last week of June, with a staggering $120 billion added to its market capitalization. Bitcoin's market dominance has increased from 49.6% to 51.8%, marking the most significant surge since April 2021. The key driving force behind this growth is the mounting interest from U.S. financial institutions in cryptocurrencies.
Alexander Visotsky, the visionary founder of the business management platform Tonnus, further reinforces this upward trend. He observes a 14% surge in Bitcoin's price during the last week, reaching an impressive $30,500. Alexander attributes this surge to two primary factors: the U.S. Federal Reserve's decision to pause interest rate hikes and major investment funds applying to open Bitcoin exchange-traded funds (ETFs). If the ETF applications are approved, more funds could be invested in Bitcoin, potentially propelling its prices even higher.
However, Ruslan Zakharkin, a seasoned crypto investor and co-founder of the Legal Business Congress, offers a different perspective. Ruslan suggests that substantial growth in BTC and altcoins is not expected. He believes the crypto market, which experienced significant overheating in 2021, has yet to cool down. Notably, Bitcoin's halving is not anticipated until 2024, which presents no visible prerequisites for significant growth. Ruslan predicts that July 2023 will likely see momentary flashes of activity in Bitcoin and some residual movements in select altcoins from the top 20 by market capitalization.
Now, let's turn our attention to the insights shared by Gracy Chen, the CEO of Bitget, a significant cryptocurrency exchange. Gracy provides a comprehensive short-term analysis of the cryptocurrency market, focusing on Bitcoin, Ethereum, and Binance Coin. While specific details are not provided, we can anticipate valuable insights and projections for these prominent cryptocurrencies in July 2023.
It's important to note that the Federal Reserve's interest rate decisions and the potential approval of Bitcoin ETFs by asset management giants are significant factors that could impact the price trajectory of Bitcoin. Furthermore, the launch of EDX, a digital asset platform backed by Wall Street, indicates a gradual path toward increased acceptance and integration of cryptocurrencies within traditional financial systems.
As we navigate through the month of July, it's crucial to keep a close eye on these developments and expert opinions. The cryptocurrency market remains highly volatile, and unexpected factors can swiftly influence prices. While the recent surge in Bitcoin's price is encouraging, it's essential to approach the market with caution and conduct thorough research before making investment decisions.
Please note that the information provided in this article is based on expert forecasts and opinions. It should not be construed as financial advice. The cryptocurrency market carries inherent risks, and investors should exercise caution and make informed decisions based on their own analysis and risk tolerance.
Source Articles:
https://coinspaidmedia.com/forecasts/crypto-market-forecast-july-2023/
https://www.forbes.com/advisor/investing/cryptocurrency/crypto-market-outlook-forecast/
https://www.outlookindia.com/outlook-spotlight/ahead-of-the-curve-11-next-big-cryptocurrencies-to-secure-in-july-2023-news-300150
https://www.fool.com/investing/2023/01/21/3-reasons-to-invest-in-crypto-in-2023-and-1-reason/