Bitcoin (BTC), the largest cryptocurrency with its market value, continues to be the favorite of the entire crypto market. The BTC comment of famous names in the crypto money field draws attention. Here are BTC comments from Binance CEO Changpeng Zhao, analyst Willy Woo and Microstrategy CEO Michael Saylor…
Bitcoin (BTC) bulls on the rise: FUD of high inflation and recession
The Fed has increased interest rates and fears of recession in the economy are rampant in the market. But Bitcoin (BTC) bulls seem to be back as the crypto market is on the rise. Binance CEO Changpeng Zhao, one of the crypto evangelists, Michael Saylor of MicroStrategy and analyst Willy Woo conveyed their crypto market comments. They were bullish on the crypto market ahead of the FOMC meeting. They think the recession will really drive Bitcoin adoption.
As we reported on Kriptokoin.com, BTC increased by 29 percent in July. Thus, it reached $24,294 after 2 months on July 29. The US Fed’s rate hike and negative GDP report failed to pull down the market rally due to rising positive sentiment. The Crypto Fear and Greed Index jumped from 11 to 42 last month. Thus making Bitcoin attractive above $20,000.
Binance CEO eases fears of inflation, recession
Binance CEO CZ eases fears about rising inflation and recession in an interview with CNBC. He believes that Bitcoin (BTC) is in a bearish trend above the $20,000 level. Because the last peak around $20,000 in 2017 acts as a strong psychological barrier. He said Bitcoin fundamentals are strong, money supply and Nasdaq 100 correlation are all secondary factors. Regulatory landscape improvement, higher inflation and recession talks will help Bitcoin adoption.
It argues that logically the crypto market should move against the stock market, but crypto is dependent on macro factors these days due to the smaller market size. Despite the Fed’s rate hike and recession fears, both the crypto and equity markets are rising. Changpeng Zhao used the following statements:
The cryptocurrency market is so small that whenever there is a major crash, people want to hold onto cash. Most people who trade cryptocurrencies today also trade stocks. So right now there is positive correlation, which is illogical but that’s the current situation.
Willy Woo points to an increase in Bitcoin accumulation
Bitcoin analyst Willy Woo claims in a tweet on July 30 that Bitcoin accumulation has increased. He shared his personal BTC capitulation. It also revealed the bear market chart showing historical Bitcoin movements. According to the analyst, Bitcoin bulls could make a rally.
#Bitcoin bear market accumulation visualised.
It's one from my private collection. Use it at your own discretion to time your generational bottom entry. pic.twitter.com/XzVbNiJ8a6
— Willy Woo (@woonomic) July 30, 2022
Bitcoin evangelist and MicroStrategy CEO Michael Saylor believes Bitcoin will drive volatile crypto regulation and rationalization as adoption continues to increase. In his last tweet he said:
The need for Bitcoin has soared to an all-time high this month.
Which levels are investors watching?
Bitcoin (BTC) price has risen significantly this week following the recovery in the crypto market and stock market. In the last 24 hours, BTC surged to $24,294 and is currently trading at $23,825, down just 1%. According to analysts, Bitcoin (BTC) price may continue to rise above the $20,000 level for a longer period of time. Meanwhile, it is important to follow the price trends above the 200-WMA.
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