6% jump of Bitcoin in the last 24 hours; Experts are still worried about the fall

Bitcoin managed to jump 6% to $20,440 today. Despite this recovery, analysts are still not sure that the negative impact of the increase in bank interest rates in the United States has ended on the market.

To Report Arthur Hayes, former CEO of BitMEX, said that the recent rise in the price of Bitcoin may be a sign that the current bear cycle is coming to an end.

Bitcoin suffered its worst quarterly price performance in more than a decade last week, losing more than half of its value in the process.

Many technical analyzes suggest that Bitcoin may have already reached the bottom of its downtrend. However, there are analysts who cannot make a clear decision about this.

Ross Mayfield, an investment expert at the multinational financial services company Baird, recently told Bloomberg that the price of Bitcoin could potentially fall much further and that the market is currently dealing with a challenging environment.

Yasin Al Manjereh, an expert at Ark Invest, says that if the US Federal Reserve continues to raise interest rates, Bitcoin may continue to suffer because of it.

Mayfield also has the same opinion and said that the monetary policy of the central bank reduces the desire of investors to enter the risky asset market.

Analysts at the analysis site Glassnode believe that the further decline of Bitcoin depends on whether powerful investors can maintain the current support or not.

Brett Munster, a venture capitalist and one of the long-time enthusiasts of digital currencies, has pointed out that despite the decrease in the price of Bitcoin, the acceptance of this digital currency among people and organizations continues, and this issue is the current market cycle with The previous cycle will be different in 2018.

However, available data shows that the holdings of bitcoin investment funds fell by about a third in June.