Financial analyst Islam Memiş, who often comes to the fore with gold predictions, evaluated the crypto money market this time. Memiş wrote about the recent history and current status of cryptocurrencies. Then, he gave some advice to investors about the events that will happen and what to expect.
How is the cryptocurrency market?
Before making predictions and recommendations of Memiş, it is useful to know the current market situation. The cryptocurrency market has started to recover in the last week. Bitcoin has been gradually falling since the beginning of 2022. However, we saw it rise above $24,000 on Wednesday. However, the asset, which is defined as digital gold, could not hold at this level. It soon fell as low as $23,000 and is currently trading at $22,277.
Many crypto analysts say that for BTC to continue its rise, it must close above $ 22,800. The aforementioned level refers to Bitcoin’s 200-week moving average. Analysts state that a close above $22,800 could trigger a rally to $25,000 to $28,000. However, the leading altcoin Ethereum and others are also falling like BTC in the last 24 hours. At the time of writing, one ETH was worth $1,520.
Islam Memiş evaluated the market
Memiş first touched upon the bear market of cryptocurrencies that started in 2022. The financial expert stated that the price of assets was reduced by manipulation and robberies. He also said that the drop in prices disappointed investors and even led to suicides. However, the financial expert claims that the current rise is related to the strength of the dollar. According to Memiş, the correction of the dollar is behind the rise of cryptocurrencies this week.
Referring to the price of Bitcoin, the analyst explains the reason why Bitcoin could not hold at $ 24,000 as the strength of the dollar again. He also says that the psychological level for the leading asset is $20,000. He states that in case of a downside break from this level, investors are depressed. Referring to some of the developments expected this week, Memiş claims that it will be decisive for the crypto money market.
“Crypto investor should follow the dollar index”
Listing his predictions on the Bitcoin/dollar correlation, Memiş talked about the importance of the FED’s decision. As we have reported as Kriptokoin.com, the FED will announce its interest rate decision in the new week. According to the analyst, the Fed’s interest rate decision will be decisive for the strength of the dollar in the global market. Therefore, cryptocurrency prices will also be affected by developments in the dollar index. Memiş attributes Bitcoin’s decline from $24,000 to the strengthening of the dollar. According to him, the dollar index is currently waiting for the FED’s new interest rate decision. The analyst adds that he expects the 105-107 band in the short term in the dollar index. He also argues that the FED creates the perception that “our money is the best money, trust us”.
Continuing his words, the expert says that the suppression of the crypto money market has caused an increase in the number of investors. However, he remains quite optimistic about the new asset class. Memiş expects possible rises in the coming months and years. He also claims that when prices rise, it will turn out to be just manipulation these days. Concluding his words in this way, the analyst warns investors in his last comment. According to him, the bullish trend experienced in BTC this week has the potential to cause a mixed market to emerge next week.
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