For the first time in over two weeks, the world’s leading cryptocurrency Bitcoin’s (BTC) price, has broken above the $20,000 mark. And it appears that the move is a reflection of an ongoing rally in the general crypto market. But a question remains, whether the rally will be short-lived or sustained.
BTC Price, Others Are Surging
As of publication, BTC was trading at $20,066 and is up 3.75% in the last 24 hours, per CoinMarketCap data. Ethereum (ETH) on the other hand is showing more flair, having surged above 8% in the last 24 hours to be trading at $1,458.98 as of press time.
The altcoins are also showing enough bullish sentiments to prove that the crypto market is currently in a strong rally.
Recall that while Bitcoin showed some stability and hovered between the $18,000 and $19,000 mark, some altcoins were extremely volatile. However, much to the delight of crypto investors, altcoins are the drivers of today’s rally.
The strongest bull movement is being exhibited by Polkadot and Litecoin. Both added 2% each in just an hour and are still surging. Cardano (ADA) is up by over 12% in the last 24 hours, while BNB Coin has surged by 5% in the same period. Interestingly, Solana (SOL) has finally broken its negative trend following its surge of over 10% io n the last 24 hours as well.
Will The Rally Be Sustained?
A large percentage of crypto analysts believe that the crypto bottom may yet not be in. Their reason is that as long as the Federal Reserve maintains a hawkish approach to interest rates, not much should be expected of the rally. Interestingly, inflation continues to persist. And the Fed is expected to introduce another 75-basis point interest rate hike by November 2.
Meanwhile, veteran trader, Peter Brandt also touched on the topic of BTC’s bottom earlier today. According to the respected trader, the BTC price will continue to hover between $17,000 and $23,000 for about 32 months. However, he expects BTC to bottom at $13,000, somewhere along the line.
About the Fed’s decision, Brandt believes they will not only hike interest rates by 75bps in the next meeting. According to him, inflation needs to be brought down to at least 4%. And if that is to be achieved, then another 75bps will be in good order for December 14 FOMC meeting.