Bitcoin is On The Rise, and It's Not Just Nvidia.

Here Is Some Positive Crypto Price Prediction. Bitcoin is On The Rise, and It’s Not Just Nvidia.

24 August 2023

Here is some optimistic crypto price prediction for you as Bitcoin and other cryptocurrencies rose Thursday, aiming to follow equities higher amid an upbeat atmosphere for risk-sensitive assets; here is some bullish crypto price forecast for you. Nvidia’s record results have lifted spirits, as has the outlook for interest rates.

Bitcoin’s price has risen 2% in the last 24 hours to $26,500. The largest digital asset is currently safely above its recent bottom of $25,500 — the lowest level since mid-June — struck late last week in a selloff that ended a period of historically low volatility among cryptos.

Bitcoin has already been found to be connected with the technology-heavy Nasdaq 100 stock index, which, along with the Dow Jones Industrial Average and S&P 500, was poised to rise on Thursday, possibly providing cryptos a boost. To blame for the atmosphere are late Wednesday’s “beat and raise” earnings from chipmaker Nvidia (NVDA), which has continued to pull equities, particularly tech companies, higher amid an investor frenzy over artificial intelligence.

“Nvidia smashing the forecast ceiling has also lifted the mood elsewhere,” said Sophie Lund-Yates, an analyst at broker Hargreaves Lansdown.

But it’s not only Nvidia in this crypto price prediction. Risk sentiment is gathering steam as bond rates fall from multi-decade highs – a more significant trend that is especially crucial for cryptos.

Treasury yields have risen in recent weeks, putting pressure on Bitcoin on predictions that the Federal Reserve would be encouraged to hold interest rates at generational highs for longer than previously believed. Higher interest rates and yields impact heavily on cryptos and tech stocks — and were a major factor in Bitcoin’s selloff last year — because investors can earn a nice 5% on risk-free Treasuries, there is less reason to flock into riskier bets like Bitcoin.

However, rates have retreated throughout the curve, with the benchmark 10-year U.S. The 10-year Treasury note dipped to 4.18% on Thursday after reaching 4.35% earlier in the week, the highest level since 2007. Fears of a “hard landing” — that the Fed would be unable to manage inflation without inflicting an economic downturn — have pushed rates lower in the face of a slew of negative economic data. This has resulted in spurring bets that the Fed will be more accommodative.

“Concerns about a hard landing gathered pace over the last 24 hours, which triggered a major rally as speculation mounted that central banks might press pause on their rate hikes,” said Henry Allen, an analyst at Deutsche Bank.

Beyond Bitcoin’s crypto price prediction, Ether, the second-largest cryptocurrency, climbed 2% to $1,675. Smaller cryptos or altcoins also performed well, with Cardano rising 3% and Polygon rising 1%. Dogecoin and Shiba Inu gained less than 1%, while Memes Coins gained less than 1%.

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