"I guess until when will the price of BTC level off?"
Following the Securities and Exchange Commission (SEC) of the United States (US) acting aggressively against the cryptocurrency market, traders expect the price of Bitcoin (BTC) including Ethereum (ETH) to see a horizontal movement within a few weeks.
There is no denying that the price of BTC depends on market activity and macroeconomic factors, but traders predict that the digital asset will surpass $30,000 or more by August 2023.
In addition to the popular analyst Credible Crypto who believes BTC can soar if it manages to break through $27,500, most whales also started buying the digital asset when its price fell due to the Binance and Coinbase issue.
So far, BTC and ETH prices remain under pressure following the US Treasury Department is expected to issue $1 trillion in treasury bills by the end of the third quarter which will likely impact the entire crypto market.
However, next week's release of Consumer Price Index (CPI), Producer Price Index (PPI) and Federal Open Market Committee (FOMC) data can help traders determine the reaction of the crypto market for the next few weeks.
It would also like to be informed that a wallet that has been inactive for over 10 years has moved 1,432 BTC worth $37.8 million to a new address.
As of this writing, BTC price has jumped 0.41% to $26,550 in the last 24 hours while ETH has gained around 0.43$% to $1,846 but is still down 1.25% over the last week.
