Bitcoin Price Prediction as BTC Blasts Up 10% in a Week – New Bull Market Starting?
The Bitcoin price has surged a remarkable 10% in just one week, sparking renewed optimism and speculation that a fresh bull market may be on the horizon. Bitcoin's value has been increasing over the past few days and has seen a significant increase in value of more than 80% since the beginning of this year.
Meanwhile, Ethereum (ETH), the second largest cryptocurrency, experienced a surge in its value, rising above $2,100 for the first time in nearly a year mainly after upgrading to a proof-of-stake network in Shanghai.
The upticks can be attributed to the increasing probability of the Fed's less aggressive stance. It is worth noting that Federal Reserve is likely to stop raising interest rates to contain inflation, and this decision was mainly driven by concerns about the US economy, which is experiencing credit risks and recession fears.
Therefore, the Fed is expected to be less aggressive in its upcoming policy rates, which was seen as one of the key factors that are leading to Bitcoin's upward rally.
Furthermore, the upticks in the Bitcoin price were further bolstered by the ongoing instability in the US banking sector, which has highlighted the significance of decentralized finance, where people can have control over their own money without involving banks.
Therefore, more investors will likely choose Bitcoin as it operates outside traditional banking systems.
As previously stated, the value of Ethereum has surged by more than 10%, hitting its highest level since May 2022. Meanwhile, Bitcoin has increased by more than 3% and is in the direction to end the week on a positive note.
This is due to the recent Shanghai upgrade, which allowed Ethereum staking withdrawals after a two-year lock-up period. This has sparked
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